Continental Resources (NYSE:CLR) PT Lowered to $58.00 at Barclays

Continental Resources (NYSE:CLR) had its price target reduced by Barclays from $59.00 to $58.00 in a research note released on Tuesday morning, BenzingaRatingsTable reports. Barclays currently has an overweight rating on the oil and natural gas company’s stock.

Other equities analysts have also issued research reports about the company. Ifs Securities upgraded SRC Energy from an outperform rating to a strong-buy rating in a research note on Tuesday, April 23rd. Scotiabank reiterated a sell rating and issued a C$7.50 price target on shares of Paramount Resources in a research note on Tuesday, March 12th. KeyCorp began coverage on Southern in a report on Tuesday, June 4th. They set a sector weight rating on the stock. Zacks Investment Research downgraded Hersha Hospitality Trust from a buy rating to a hold rating in a report on Thursday, May 2nd. Finally, UBS Group raised to a neutral rating and raised their price objective for the company from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $61.40.

Shares of CLR opened at $40.99 on Tuesday. Continental Resources has a 52-week low of $34.61 and a 52-week high of $71.95. The firm has a fifty day simple moving average of $39.39. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.96 and a current ratio of 1.03. The company has a market cap of $15.94 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 1.32 and a beta of 1.67.

Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the company posted $0.68 EPS. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, equities analysts expect that Continental Resources will post 2.75 earnings per share for the current fiscal year.

Continental Resources declared that its board has authorized a stock buyback program on Monday, June 3rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.49%. The ex-dividend date is Wednesday, November 6th.

In other Continental Resources news, Director John T. Mcnabb II acquired 1,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was purchased at an average cost of $39.88 per share, with a total value of $39,880.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Harold Hamm acquired 38,600 shares of the stock in a transaction dated Thursday, June 6th. The stock was acquired at an average cost of $38.76 per share, with a total value of $1,496,136.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 104,600 shares of company stock valued at $4,312,166. Corporate insiders own 77.03% of the company’s stock.

Several hedge funds have recently bought and sold shares of CLR. Marshall Wace North America L.P. bought a new stake in Continental Resources in the 1st quarter valued at about $2,729,000. Bluestein R H & Co. increased its position in Continental Resources by 141.9% in the 1st quarter. Bluestein R H & Co. now owns 433,331 shares of the oil and natural gas company’s stock valued at $19,400,000 after buying an additional 254,206 shares in the last quarter. Swiss National Bank increased its position in Continental Resources by 3.6% in the 1st quarter. Swiss National Bank now owns 316,356 shares of the oil and natural gas company’s stock valued at $14,163,000 after buying an additional 11,000 shares in the last quarter. Toronto Dominion Bank increased its position in Continental Resources by 62.9% in the 1st quarter. Toronto Dominion Bank now owns 20,624 shares of the oil and natural gas company’s stock valued at $923,000 after buying an additional 7,962 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in Continental Resources by 3.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 8,442 shares of the oil and natural gas company’s stock valued at $378,000 after buying an additional 292 shares in the last quarter. 20.08% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Continental Resources (NYSE:CLR)

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