Continental Resources (CLR) Shares Gap Down on Analyst Downgrade

Continental Resources, Inc. (NYSE:CLR)’s share price gapped down before the market opened on Thursday after Deutsche Bank lowered their price target on the stock from $70.00 to $65.00. The stock had previously closed at $48.34, but opened at $48.44. Deutsche Bank currently has a buy rating on the stock. Continental Resources shares last traded at $48.44, with a volume of 10824502 shares.

Other equities analysts have also recently issued research reports about the stock. BMO Capital Markets raised their price target on shares of Continental Resources from $8.00 to $11.00 in a research report on Monday, November 13th. SunTrust Banks reissued a “buy” rating and issued a $55.00 price target on shares of Continental Resources in a research report on Friday, November 10th. Zacks Investment Research raised shares of Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Wednesday, November 8th. Bank of America raised their price target on shares of Continental Resources from $46.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $45.00 price target on shares of Continental Resources in a research report on Wednesday, November 22nd. Nine analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $55.79.

In other news, SVP Gary E. Gould sold 9,874 shares of Continental Resources stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $50.85, for a total transaction of $502,092.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark E. Monroe sold 20,000 shares of Continental Resources stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $47.90, for a total transaction of $958,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,874 shares of company stock valued at $2,603,673. Corporate insiders own 76.87% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Miller Howard Investments Inc. NY raised its stake in Continental Resources by 22.5% during the 3rd quarter. Miller Howard Investments Inc. NY now owns 22,097 shares of the oil and natural gas company’s stock worth $853,000 after acquiring an additional 4,060 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Continental Resources during the 3rd quarter worth $1,313,000. Wells Fargo & Company MN raised its stake in Continental Resources by 40.5% during the 3rd quarter. Wells Fargo & Company MN now owns 568,536 shares of the oil and natural gas company’s stock worth $21,951,000 after acquiring an additional 163,935 shares in the last quarter. Ninepoint Partners LP acquired a new stake in Continental Resources during the 3rd quarter worth $7,896,000. Finally, Boothbay Fund Management LLC acquired a new stake in Continental Resources during the 3rd quarter worth $266,000. Hedge funds and other institutional investors own 22.37% of the company’s stock.

The company has a quick ratio of 0.85, a current ratio of 0.94 and a debt-to-equity ratio of 1.55. The stock has a market cap of $18,180.00, a P/E ratio of 254.95 and a beta of 1.36.

Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Wednesday, February 21st. The oil and natural gas company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.09. Continental Resources had a negative net margin of 0.95% and a positive return on equity of 0.23%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $978.63 million. During the same period last year, the business earned ($0.07) EPS. Continental Resources’s revenue for the quarter was up 90.5% compared to the same quarter last year. research analysts expect that Continental Resources, Inc. will post 0.41 earnings per share for the current fiscal year.

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About Continental Resources

Continental Resources, Inc is a crude oil and natural gas 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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