Wall Street brokerages expect that Continental Resources, Inc. (NYSE:CLR) will announce $1.20 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Twelve analysts have made estimates for Continental Resources’ earnings, with estimates ranging from $1.04 billion to $1.26 billion. Continental Resources reported sales of $1.14 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.3%. The business is scheduled to issue its next earnings results after the market closes on Monday, August 5th.
According to Zacks, analysts expect that Continental Resources will report full year sales of $4.84 billion for the current fiscal year, with estimates ranging from $4.45 billion to $5.32 billion. For the next financial year, analysts forecast that the firm will post sales of $5.50 billion, with estimates ranging from $4.75 billion to $7.89 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Continental Resources.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.11. Continental Resources had a return on equity of 16.71% and a net margin of 20.06%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $0.68 earnings per share. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year.
Continental Resources stock traded down $0.20 during mid-day trading on Friday, hitting $36.26. 1,986,754 shares of the company were exchanged, compared to its average volume of 1,841,743. The business has a fifty day moving average of $39.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.03 and a quick ratio of 0.96. The company has a market capitalization of $13.66 billion, a P/E ratio of 12.77, a PEG ratio of 1.24 and a beta of 1.67. Continental Resources has a 1-year low of $34.61 and a 1-year high of $71.95.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.55%. The ex-dividend date is Wednesday, November 6th.
Continental Resources declared that its board has initiated a stock repurchase plan on Monday, June 3rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the oil and natural gas company to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Harold Hamm bought 38,600 shares of Continental Resources stock in a transaction on Thursday, June 6th. The shares were purchased at an average price of $38.76 per share, for a total transaction of $1,496,136.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John T. Mcnabb II bought 1,000 shares of Continental Resources stock in a transaction on Wednesday, June 5th. The shares were bought at an average price of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 104,600 shares of company stock worth $4,312,166. 77.03% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its stake in shares of Continental Resources by 26.7% in the 4th quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock valued at $49,059,000 after acquiring an additional 257,350 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Continental Resources by 4.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 23,686 shares of the oil and natural gas company’s stock valued at $951,000 after acquiring an additional 908 shares during the period. Advisor Group Inc. raised its stake in shares of Continental Resources by 281.4% in the 4th quarter. Advisor Group Inc. now owns 21,464 shares of the oil and natural gas company’s stock valued at $864,000 after acquiring an additional 15,837 shares during the period. GSA Capital Partners LLP raised its stake in shares of Continental Resources by 48.0% in the 4th quarter. GSA Capital Partners LLP now owns 11,128 shares of the oil and natural gas company’s stock valued at $447,000 after acquiring an additional 3,610 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Continental Resources by 4.7% in the 4th quarter. Northern Trust Corp now owns 828,055 shares of the oil and natural gas company’s stock valued at $33,280,000 after acquiring an additional 37,093 shares during the period. Hedge funds and other institutional investors own 20.08% of the company’s stock.
Continental Resources Company 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.
Further Reading: What are gap-up stocks?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Continental Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Continental Resources and related companies with MarketBeat.com's FREE daily email newsletter.