Parsons Capital Management Inc. RI decreased its holdings in shares of Continental Resources, Inc. (NYSE:CLR) by 10.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,005 shares of the oil and natural gas company’s stock after selling 725 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Continental Resources were worth $253,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in CLR. Whittier Trust Co. of Nevada Inc. grew its stake in Continental Resources by 1.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 28,417 shares of the oil and natural gas company’s stock worth $1,196,000 after purchasing an additional 282 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Continental Resources by 7.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock worth $187,000 after purchasing an additional 288 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in Continental Resources by 3.6% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 8,442 shares of the oil and natural gas company’s stock worth $378,000 after purchasing an additional 292 shares in the last quarter. Raymond James Trust N.A. grew its stake in Continental Resources by 6.1% in the second quarter. Raymond James Trust N.A. now owns 6,777 shares of the oil and natural gas company’s stock worth $285,000 after purchasing an additional 387 shares in the last quarter. Finally, DNB Asset Management AS grew its stake in Continental Resources by 3.5% in the first quarter. DNB Asset Management AS now owns 12,085 shares of the oil and natural gas company’s stock worth $541,000 after purchasing an additional 412 shares in the last quarter. 20.30% of the stock is currently owned by hedge funds and other institutional investors.
In other Continental Resources news, Director John T. Mcnabb II acquired 1,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average price of $39.88 per share, for a total transaction of $39,880.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Harold Hamm acquired 38,600 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were acquired at an average price of $38.76 per share, with a total value of $1,496,136.00. The disclosure for this purchase can be found here. Corporate insiders own 77.03% of the company’s stock.
Shares of CLR traded up $0.91 during midday trading on Friday, hitting $29.77. 1,937,100 shares of the company’s stock traded hands, compared to its average volume of 2,758,041. Continental Resources, Inc. has a 1 year low of $28.49 and a 1 year high of $71.95. The firm’s fifty day moving average is $36.53 and its 200-day moving average is $41.57. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $10.84 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 0.94 and a beta of 1.65.
Continental Resources (NYSE:CLR) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the prior year, the company posted $0.73 EPS. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts anticipate that Continental Resources, Inc. will post 2.42 EPS for the current year.
Continental Resources announced that its Board of Directors has approved a stock repurchase plan on Monday, June 3rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the oil and natural gas company to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.67%.
Several brokerages recently issued reports on CLR. Seaport Global Securities reissued a “buy” rating on shares of Continental Resources in a research note on Friday, June 21st. Zacks Investment Research raised Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Thursday, May 2nd. ValuEngine cut Continental Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 17th. Barclays dropped their target price on Continental Resources from $59.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 9th. Finally, BMO Capital Markets cut Continental Resources from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $46.00 to $45.00 in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $57.00.
Continental Resources Profile
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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