Continental Resources (CLR) Given New $76.00 Price Target at Morgan Stanley

Continental Resources (NYSE:CLR) had its target price lowered by Morgan Stanley from $84.00 to $76.00 in a research report released on Monday morning. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

A number of other equities research analysts also recently weighed in on the company. Scotiabank reaffirmed a buy rating and set a $78.00 price target on shares of Continental Resources in a research note on Thursday, September 27th. BMO Capital Markets downgraded Continental Resources from an outperform rating to a market perform rating in a research note on Tuesday, October 9th. They noted that the move was a valuation call. Barclays began coverage on Continental Resources in a research note on Wednesday, August 29th. They issued an overweight rating and a $77.00 price objective on the stock. Royal Bank of Canada set a $81.00 price objective on Continental Resources and gave the company a buy rating in a research note on Thursday, September 20th. Finally, ValuEngine raised Continental Resources from a hold rating to a buy rating in a research note on Tuesday, October 2nd. Ten research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $72.03.

Continental Resources stock traded down $0.55 during mid-day trading on Monday, hitting $49.79. The company’s stock had a trading volume of 601,422 shares, compared to its average volume of 2,543,622. The company has a market cap of $18.77 billion, a P/E ratio of 97.63, a P/E/G ratio of 1.27 and a beta of 1.46. The company has a current ratio of 0.92, a quick ratio of 0.85 and a debt-to-equity ratio of 1.00. Continental Resources has a 52-week low of $42.53 and a 52-week high of $71.95.

Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Monday, October 29th. The oil and natural gas company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.08. Continental Resources had a return on equity of 18.48% and a net margin of 35.43%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the business earned $0.09 EPS. The business’s quarterly revenue was up 76.4% on a year-over-year basis. On average, equities analysts forecast that Continental Resources will post 3.26 earnings per share for the current fiscal year.

In other Continental Resources news, SVP Gary E. Gould sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $67.00, for a total value of $335,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 76.83% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Worldquant Millennium Quantitative Strategies LLC acquired a new stake in Continental Resources in the 2nd quarter valued at approximately $29,364,000. Bank of America Corp DE grew its holdings in Continental Resources by 20.3% in the 2nd quarter. Bank of America Corp DE now owns 1,345,658 shares of the oil and natural gas company’s stock valued at $87,146,000 after buying an additional 226,626 shares during the last quarter. BlackRock Inc. grew its holdings in Continental Resources by 5.6% in the 2nd quarter. BlackRock Inc. now owns 4,829,027 shares of the oil and natural gas company’s stock valued at $312,729,000 after buying an additional 256,614 shares during the last quarter. Castleark Management LLC grew its holdings in Continental Resources by 1.0% in the 2nd quarter. Castleark Management LLC now owns 614,896 shares of the oil and natural gas company’s stock valued at $39,821,000 after buying an additional 5,871 shares during the last quarter. Finally, Teacher Retirement System of Texas grew its holdings in Continental Resources by 300.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 83,115 shares of the oil and natural gas company’s stock valued at $5,383,000 after buying an additional 62,358 shares during the last quarter. 22.43% 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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