Continental Resources, Inc. (CLR) PT Set at $61.00 by Canaccord Genuity

Continental Resources, Inc. (CLR) PT Set at $61.00 by Canaccord Genuity

Continental Resources, Inc. (NYSE:CLR) received a $61.00 target price from equities researchers at Canaccord Genuity in a research note issued on Thursday. The firm presently has a “buy” rating on the stock. Canaccord Genuity’s price target would suggest a potential upside of 22.27% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets assumed coverage on Continental Resources in a report on Sunday, October 30th. They issued a “buy” rating and a $18.00 price objective for the company. FBR & Co assumed coverage on Continental Resources in a report on Monday, December 19th. They issued a “market perform” rating and a $56.00 price objective for the company. Wells Fargo & Company cut Continental Resources from an “outperform” rating to a “market perform” rating in a report on Friday, December 16th. Citigroup Inc. assumed coverage on Continental Resources in a report on Monday, October 31st. They issued a “buy” rating and a $62.00 price objective for the company. Finally, J P Morgan Chase & Co cut Continental Resources from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $55.00 to $57.00 in a report on Thursday, December 8th. They noted that the move was a valuation call. Eleven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Continental Resources presently has a consensus rating of “Buy” and a consensus target price of $51.16.

Continental Resources (NYSE:CLR) opened at 49.89 on Thursday. The company’s 50-day moving average price is $51.86 and its 200 day moving average price is $49.61. Continental Resources has a 52 week low of $16.88 and a 52 week high of $60.30. The company’s market capitalization is $18.48 billion.

Continental Resources (NYSE:CLR) last released its earnings results on Wednesday, November 2nd. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.07. The firm had revenue of $526.20 million for the quarter, compared to the consensus estimate of $148.37 million. Continental Resources had a negative return on equity of 8.69% and a negative net margin of 28.27%. Continental Resources’s revenue for the quarter was down 22.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.12) EPS. On average, analysts predict that Continental Resources will post ($0.91) EPS for the current year.

In related news, COO Jack H. Stark sold 788 shares of the business’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $53.34, for a total value of $42,031.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John D. Hart sold 3,000 shares of the business’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $52.03, for a total transaction of $156,090.00. The disclosure for this sale can be found here. In the last three months, insiders sold 15,288 shares of company stock worth $847,982. 76.97% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Bridgeway Capital Management Inc. acquired a new stake in shares of Continental Resources during the second quarter valued at $28,606,000. California Public Employees Retirement System boosted its stake in shares of Continental Resources by 0.3% in the third quarter. California Public Employees Retirement System now owns 255,300 shares of the company’s stock valued at $13,265,000 after buying an additional 800 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of Continental Resources by 226.4% in the third quarter. Bank of Montreal Can now owns 88,082 shares of the company’s stock valued at $4,577,000 after buying an additional 61,094 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Continental Resources by 0.8% in the third quarter. California State Teachers Retirement System now owns 187,783 shares of the company’s stock valued at $9,757,000 after buying an additional 1,500 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Continental Resources by 49.5% in the third quarter. CIBC Asset Management Inc now owns 63,089 shares of the company’s stock valued at $3,278,000 after buying an additional 20,895 shares in the last quarter. 22.93% of the stock is currently owned by institutional investors.

About Continental Resources

Continental Resources, Inc is an independent crude oil and natural gas exploration and production company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units.

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