Continental Resources (NYSE:CLR) Hits New 1-Year Low at $31.82

Continental Resources, Inc. (NYSE:CLR)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $31.82 and last traded at $31.90, with a volume of 6344 shares. The stock had previously closed at $33.63.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Thursday, May 2nd. ValuEngine lowered shares of Continental Resources from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 17th. Seaport Global Securities reiterated a “buy” rating on shares of Continental Resources in a report on Friday, June 21st. BMO Capital Markets lowered shares of Continental Resources from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $46.00 to $45.00 in a report on Thursday, July 11th. Finally, Ifs Securities lowered shares of Continental Resources from an “outperform” rating to a “market perform” rating in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Continental Resources currently has a consensus rating of “Buy” and an average price target of $61.32.

The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 0.87. The firm’s 50-day simple moving average is $38.96. The company has a market capitalization of $12.67 billion, a PE ratio of 11.19, a PEG ratio of 1.22 and a beta of 1.65.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Wednesday, November 6th.

Continental Resources declared that its board has approved a share buyback plan on Monday, June 3rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

In other Continental Resources news, CEO Harold Hamm purchased 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was purchased at an average price of $42.71 per share, for a total transaction of $2,776,150.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John T. Mcnabb II purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were acquired at an average price of $39.88 per share, with a total value of $39,880.00. The disclosure for this purchase can be found here. Insiders purchased a total of 104,600 shares of company stock worth $4,312,166 over the last ninety days. Insiders own 77.03% of the company’s stock.

Large investors have recently modified their holdings of the stock. Legacy Advisors LLC acquired a new stake in Continental Resources during the 1st quarter worth $45,000. Westside Investment Management Inc. acquired a new stake in Continental Resources during the 2nd quarter worth $49,000. Meeder Asset Management Inc. boosted its stake in Continental Resources by 31.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,622 shares of the oil and natural gas company’s stock worth $68,000 after purchasing an additional 387 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in Continental Resources during the 2nd quarter worth $68,000. Finally, Private Capital Group LLC boosted its stake in Continental Resources by 170.9% during the 1st quarter. Private Capital Group LLC now owns 2,254 shares of the oil and natural gas company’s stock worth $101,000 after purchasing an additional 1,422 shares during the period. Hedge funds and other institutional investors own 20.13% of the company’s stock.

About Continental Resources (NYSE:CLR)

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties primarily 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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