Continental Resources (CLR) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Continental Resources (NYSE:CLR) from a hold rating to a strong-buy rating in a report issued on Thursday. Zacks Investment Research currently has $75.00 price target on the oil and natural gas company’s stock.

According to Zacks, “Continental Resources’ large and geographically diversified asset base includes resources in the Bakken Shale as well as the STACK and SCOOP plays in Oklahoma. The majority of the company’s total production is oil (57% in first quarter 2018), which enables Continental Resources to make the most of the recovering crude price environment.  For 2018, Continental Resources intends to spend $2.3 billion. Of this, the company will allocate $2 billion for drilling and completion (D&C) activities, with about 78% of the D&C budget focused on prolific Bakken and SCOOP Springer assets. This will likely help the firm to meet its free cash flow guidance, ranging from $800 – $900 million.  Consequently, we think Continental Resources offers substantial upside potential from the current price levels and view it as a preferred energy play to own now. .”

A number of other research firms also recently weighed in on CLR. SunTrust Banks set a $75.00 price target on shares of Continental Resources and gave the company a buy rating in a research note on Friday, March 16th. Morgan Stanley lifted their target price on shares of Continental Resources from $83.00 to $97.00 and gave the stock an overweight rating in a research report on Thursday, May 24th. KLR Group upgraded shares of Continental Resources from a hold rating to a buy rating and set a $66.00 target price on the stock in a research report on Friday, February 23rd. ValuEngine upgraded shares of Continental Resources from a sell rating to a hold rating in a research report on Thursday, March 22nd. Finally, Stifel Nicolaus reiterated a buy rating and set a $69.00 target price (down from $71.00) on shares of Continental Resources in a research report on Friday, February 16th. Eleven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Continental Resources has a consensus rating of Buy and an average price target of $62.91.



CLR opened at $60.79 on Thursday. Continental Resources has a 1-year low of $29.08 and a 1-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 company has a market capitalization of $22.86 billion, a PE ratio of 119.20 and a beta of 1.27.

Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Wednesday, May 2nd. The oil and natural gas company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.04. Continental Resources had a net margin of 28.60% and a return on equity of 9.23%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same period last year, the company posted $0.02 EPS. The firm’s quarterly revenue was up 66.5% compared to the same quarter last year. analysts expect that Continental Resources will post 3.15 earnings per share for the current year.

In other news, SVP Steven K. Owen sold 18,000 shares of Continental Resources stock in a transaction on Monday, May 7th. The shares were sold at an average price of $66.16, for a total value of $1,190,880.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Eric Spencer Eissenstat sold 10,000 shares of Continental Resources stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $56.02, for a total transaction of $560,200.00. The disclosure for this sale can be found here. Insiders sold a total of 43,222 shares of company stock worth $2,799,634 in the last 90 days. Corporate insiders own 76.83% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. American International Group Inc. bought a new stake in shares of Continental Resources in the 4th quarter valued at $102,000. Rockefeller Capital Management L.P. bought a new stake in shares of Continental Resources in the 1st quarter valued at $135,000. Credit Agricole S A increased its stake in shares of Continental Resources by 85.7% in the 1st quarter. Credit Agricole S A now owns 2,600 shares of the oil and natural gas company’s stock valued at $153,000 after acquiring an additional 1,200 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its stake in shares of Continental Resources by 126.7% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 3,400 shares of the oil and natural gas company’s stock valued at $180,000 after acquiring an additional 1,900 shares in the last quarter. Finally, Wealthstreet Investment Advisors LLC bought a new stake in shares of Continental Resources in the 4th quarter valued at $201,000. Institutional investors own 22.65% of the company’s stock.

Continental Resources Company Profile

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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