Continental Resources (NYSE:CLR) – Piper Jaffray Companies increased their Q2 2018 EPS estimates for shares of Continental Resources in a report released on Sunday, May 20th. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and natural gas company will post earnings per share of $0.91 for the quarter, up from their previous forecast of $0.84. Piper Jaffray Companies has a “Buy” rating and a $67.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Continental Resources’ Q3 2018 earnings at $1.07 EPS, Q1 2019 earnings at $1.01 EPS and Q2 2019 earnings at $1.04 EPS.
Continental Resources (NYSE:CLR) last released its earnings results on Wednesday, May 2nd. The oil and natural gas company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. Continental Resources had a return on equity of 9.23% and a net margin of 28.60%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the firm earned $0.02 EPS. The firm’s revenue was up 66.5% on a year-over-year basis.
Several other research firms have also commented on CLR. Ladenburg Thalmann upped their price target on shares of Continental Resources to $80.00 and gave the company a “buy” rating in a report on Thursday, May 3rd. Zacks Investment Research raised shares of Continental Resources from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a report on Thursday, April 26th. ValuEngine raised shares of Continental Resources from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. JPMorgan Chase upped their price target on shares of Continental Resources from $53.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, May 1st. Finally, Stifel Nicolaus set a $66.00 price target on shares of Continental Resources and gave the company a “buy” rating in a report on Monday, April 23rd. Twelve investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $61.13.
NYSE:CLR opened at $67.39 on Tuesday. Continental Resources has a one year low of $29.08 and a one year high of $69.91. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.85 and a current ratio of 0.93. The firm has a market capitalization of $25.42 billion, a price-to-earnings ratio of 132.14 and a beta of 1.27.
In related news, Director John T. Mcnabb II sold 3,000 shares of the firm’s stock in a transaction dated Thursday, May 10th. The shares were sold at an average price of $68.36, for a total value of $205,080.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ellis L. Mccain sold 2,222 shares of the firm’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $66.37, for a total transaction of $147,474.14. The disclosure for this sale can be found here. Over the last three months, insiders have bought 156,909 shares of company stock worth $7,846,156 and have sold 48,222 shares worth $2,900,584. Corporate insiders own 76.83% of the company’s stock.
A number of institutional investors have recently modified their holdings of CLR. Point72 Asset Management L.P. lifted its stake in Continental Resources by 2,513.9% in the 1st quarter. Point72 Asset Management L.P. now owns 1,306,929 shares of the oil and natural gas company’s stock valued at $77,043,000 after buying an additional 1,256,929 shares in the last quarter. Cannell Peter B & Co. Inc. purchased a new position in Continental Resources in the 1st quarter valued at about $33,053,000. Slate Path Capital LP purchased a new position in Continental Resources in the 1st quarter valued at about $28,886,000. Bank of New York Mellon Corp lifted its stake in Continental Resources by 55.5% in the 4th quarter. Bank of New York Mellon Corp now owns 986,457 shares of the oil and natural gas company’s stock valued at $52,253,000 after buying an additional 351,930 shares in the last quarter. Finally, Element Capital Management LLC purchased a new position in Continental Resources in the 4th quarter valued at about $17,509,000. 22.54% of the stock is currently owned by hedge funds and other institutional investors.
About Continental Resources
Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties in the north, south, and east regions of the United States. The company sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies.
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