Continental Resources, Inc. (NYSE:CLR) – SunTrust Banks upped their Q2 2019 earnings estimates for Continental Resources in a note issued to investors on Tuesday, April 30th. SunTrust Banks analyst N. Dingmann now anticipates that the oil and natural gas company will post earnings of $0.65 per share for the quarter, up from their prior forecast of $0.60. SunTrust Banks also issued estimates for Continental Resources’ Q3 2019 earnings at $0.70 EPS, FY2019 earnings at $2.62 EPS and FY2020 earnings at $3.20 EPS.
Several other equities research analysts also recently commented on the stock. Citigroup dropped their price objective on shares of Continental Resources from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, March 4th. Scotiabank reissued a “buy” rating and issued a $7.00 price target on shares of Continental Resources in a report on Tuesday, March 12th. BMO Capital Markets raised shares of Continental Resources from a “market perform” rating to an “outperform” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Robert W. Baird reissued a “buy” rating and issued a $62.00 price target on shares of Continental Resources in a report on Wednesday, January 30th. Finally, Morgan Stanley set a $60.00 price target on shares of Continental Resources and gave the stock a “buy” rating in a report on Tuesday, January 29th. Seven analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $63.33.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Monday, April 29th. The oil and natural gas company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.11. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.07 billion. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.68 earnings per share.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Rational Advisors LLC raised its stake in Continental Resources by 207.8% in the fourth quarter. Rational Advisors LLC now owns 674 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 455 shares in the last quarter. Private Capital Group LLC raised its stake in Continental Resources by 333.3% in the fourth quarter. Private Capital Group LLC now owns 832 shares of the oil and natural gas company’s stock valued at $33,000 after purchasing an additional 640 shares in the last quarter. Doyle Wealth Management purchased a new stake in Continental Resources in the fourth quarter valued at approximately $42,000. Legacy Advisors LLC purchased a new stake in Continental Resources in the first quarter valued at approximately $45,000. Finally, NuWave Investment Management LLC raised its stake in Continental Resources by 18.4% in the fourth quarter. NuWave Investment Management LLC now owns 1,663 shares of the oil and natural gas company’s stock valued at $67,000 after purchasing an additional 258 shares in the last quarter. 21.50% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Harold Hamm bought 883,977 shares of the stock in a transaction that occurred on Friday, February 22nd. The shares were acquired at an average cost of $44.49 per share, with a total value of $39,328,136.73. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders purchased 1,675,805 shares of company stock worth $73,335,967 over the last ninety days. 77.03% of the stock is currently owned by insiders.
About Continental Resources
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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