Jefferies Group LLC reissued their buy rating on shares of Continental Resources, Inc. (NYSE:CLR) in a research report sent to investors on Sunday morning. They currently have a $63.00 price target on the stock, up from their prior price target of $60.00.
Several other research firms have also weighed in on CLR. Canaccord Genuity set a $60.00 price target on shares of Continental Resources and gave the company a buy rating in a research report on Friday, October 7th. Barclays PLC upgraded shares of Continental Resources from an equal weight rating to an overweight rating and increased their price target for the company from $48.00 to $60.00 in a research report on Monday, October 17th. BMO Capital Markets restated an outperform rating on shares of Continental Resources in a research report on Friday, October 28th. Citigroup Inc. initiated coverage on shares of Continental Resources in a research report on Monday, October 31st. They set a buy rating and a $62.00 price target for the company. Finally, Scotiabank reduced their price target on shares of Continental Resources from $16.50 to $16.00 and set an outperform rating for the company in a research report on Friday, November 11th. 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 stock. Continental Resources has a consensus rating of Buy and a consensus price target of $51.16.
Shares of Continental Resources (NYSE:CLR) traded down 3.95% during trading on Friday, hitting $49.89. 2,490,726 shares of the stock traded hands. The stock has a 50-day moving average of $51.86 and a 200 day moving average of $49.61. Continental Resources has a 1-year low of $16.88 and a 1-year high of $60.30. The company’s market cap is $18.48 billion.
Continental Resources (NYSE:CLR) last announced its earnings results on Wednesday, November 2nd. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The firm earned $526.20 million during the quarter, compared to analysts’ expectations of $148.37 million. Continental Resources had a negative net margin of 28.27% and a negative return on equity of 8.69%. The business’s revenue for the quarter was down 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.12) EPS. On average, equities research analysts predict that Continental Resources will post ($0.91) EPS for the current fiscal year.
In related news, SVP Gary E. Gould sold 7,500 shares of Continental Resources stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $58.20, for a total value of $436,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John D. Hart sold 3,000 shares of Continental Resources stock in a transaction on Tuesday, December 20th. The shares were 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. Insiders sold 15,288 shares of company stock worth $847,982 in the last 90 days. Company insiders own 76.97% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. FineMark National Bank & Trust boosted its stake in Continental Resources by 54.6% in the third quarter. FineMark National Bank & Trust now owns 2,319 shares of the company’s stock valued at $121,000 after buying an additional 819 shares during the period. Bronfman E.L. Rothschild L.P. boosted its stake in Continental Resources by 2,295.9% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 2,899 shares of the company’s stock valued at $151,000 after buying an additional 2,778 shares during the period. Shell Asset Management Co. boosted its stake in Continental Resources by 19.3% in the second quarter. Shell Asset Management Co. now owns 3,737 shares of the company’s stock valued at $169,000 after buying an additional 604 shares during the period. Johnston Asset Management LLC bought a new stake in Continental Resources during the third quarter valued at $208,000. Finally, Sfmg LLC bought a new stake in Continental Resources during the third quarter valued at $208,000. Institutional investors and hedge funds own 22.93% of the company’s stock.
Continental Resources Company Profile
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.