Bank of New York Mellon Corp Has $15.87 Million Stock Holdings in Continental Resources, Inc. (NYSE:CLR)

Bank of New York Mellon Corp boosted its stake in shares of Continental Resources, Inc. (NYSE:CLR) by 24.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 417,181 shares of the oil and natural gas company’s stock after buying an additional 81,416 shares during the quarter. Bank of New York Mellon Corp’s holdings in Continental Resources were worth $15,865,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of CLR. Harbour Investments Inc. acquired a new position in Continental Resources during the first quarter valued at approximately $26,000. Deseret Mutual Benefit Administrators acquired a new position in Continental Resources during the second quarter valued at approximately $38,000. First Mercantile Trust Co. boosted its position in Continental Resources by 39.0% during the first quarter. First Mercantile Trust Co. now owns 1,515 shares of the oil and natural gas company’s stock valued at $39,000 after purchasing an additional 425 shares during the last quarter. PNC Managed Account Solutions Inc. acquired a new position in Continental Resources during the second quarter valued at approximately $110,000. Finally, Meeder Asset Management Inc. boosted its position in Continental Resources by 109.2% during the second quarter. Meeder Asset Management Inc. now owns 2,908 shares of the oil and natural gas company’s stock valued at $111,000 after purchasing an additional 1,518 shares during the last quarter. 13.14% of the stock is owned by hedge funds and other institutional investors.

Continental Resources stock opened at $52.34 on Thursday. The stock’s fifty day moving average price is $41.24 and its two-hundred day moving average price is $35.30. Continental Resources, Inc. has a one year low of $11.61 and a one year high of $55.48. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.11 and a quick ratio of 1.04. The firm has a market cap of $19.24 billion, a PE ratio of 50.82, a price-to-earnings-growth ratio of 1.14 and a beta of 3.37.

Continental Resources (NYSE:CLR) last posted its quarterly earnings data on Sunday, August 1st. The oil and natural gas company reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.36. Continental Resources had a return on equity of 7.09% and a net margin of 9.47%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the company earned ($0.71) EPS. The company’s revenue was up 603.2% on a year-over-year basis. Sell-side analysts expect that Continental Resources, Inc. will post 3.93 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 20th. Stockholders of record on Tuesday, August 10th were paid a $0.15 dividend. This is a positive change from Continental Resources’s previous quarterly dividend of $0.11. The ex-dividend date was Monday, August 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.15%. Continental Resources’s dividend payout ratio (DPR) is presently -51.28%.

CLR has been the subject of a number of recent analyst reports. MKM Partners reaffirmed a “neutral” rating and issued a $54.00 price objective (down from $57.00) on shares of Continental Resources in a research report on Wednesday. They noted that the move was a valuation call. TheStreet raised Continental Resources from a “c+” rating to a “b-” rating in a research report on Wednesday, September 29th. Raymond James raised their price objective on Continental Resources from $43.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, August 31st. Truist Securities raised their price objective on Continental Resources from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Finally, Truist raised their price objective on Continental Resources from $48.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Continental Resources currently has a consensus rating of “Hold” and an average price target of $42.25.

About Continental Resources

Continental Resources, Inc engages in the exploration, development and production of crude oil and natural gas. The firm sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies. The company was founded by Harold G.

Further Reading: Understanding Market Liquidity

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Institutional Ownership by Quarter for Continental Resources (NYSE:CLR)

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