Continental Resources, Inc. (CLR) to Post Q2 2019 Earnings of $1.01 Per Share, B. Riley Forecasts

Continental Resources, Inc. (NYSE:CLR) – Equities researchers at B. Riley boosted their Q2 2019 EPS estimates for shares of Continental Resources in a research note issued to investors on Thursday, October 18th. B. Riley analyst R. Rashid now forecasts that the oil and natural gas company will post earnings of $1.01 per share for the quarter, up from their prior forecast of $0.91. B. Riley also issued estimates for Continental Resources’ Q2 2020 earnings at $1.24 EPS.

Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Tuesday, August 7th. The oil and natural gas company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Continental Resources had a return on equity of 14.01% and a net margin of 32.80%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion.

Other equities research analysts also recently issued research reports about the company. Jefferies Financial Group set a $83.00 price target on Continental Resources and gave the stock a “buy” rating in a report on Friday, July 13th. KLR Group upgraded Continental Resources from a “hold” rating to a “buy” rating and upped their price target for the stock from $67.00 to $78.00 in a report on Tuesday, July 24th. Bank of America upped their price target on Continental Resources from $84.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, August 13th. Piper Jaffray Companies restated a “buy” rating and set a $77.00 price target on shares of Continental Resources in a report on Thursday, August 30th. Finally, Royal Bank of Canada set a $81.00 price target on Continental Resources and gave the stock a “buy” rating in a report on Thursday, September 20th. Eleven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $72.36.

Shares of NYSE CLR opened at $59.13 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.89 and a debt-to-equity ratio of 1.10. Continental Resources has a 1-year low of $36.81 and a 1-year high of $71.95. The stock has a market cap of $22.91 billion, a price-to-earnings ratio of 115.94, a P/E/G ratio of 1.57 and a beta of 1.24.

Several large investors have recently added to or reduced their stakes in CLR. Worldquant Millennium Quantitative Strategies LLC acquired a new stake in shares of Continental Resources in the 2nd quarter valued at about $29,364,000. BlackRock Inc. boosted its position in shares of Continental Resources by 5.6% in the 2nd quarter. BlackRock Inc. now owns 4,829,027 shares of the oil and natural gas company’s stock valued at $312,729,000 after purchasing an additional 256,614 shares during the period. Bank of America Corp DE boosted its position in shares of Continental Resources by 20.3% in the 2nd quarter. Bank of America Corp DE now owns 1,345,658 shares of the oil and natural gas company’s stock valued at $87,146,000 after purchasing an additional 226,626 shares during the period. Castleark Management LLC boosted its position in shares of Continental Resources by 1.0% in the 2nd quarter. Castleark Management LLC now owns 614,896 shares of the oil and natural gas company’s stock valued at $39,821,000 after purchasing an additional 5,871 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in shares of Continental Resources by 300.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 83,115 shares of the oil and natural gas company’s stock valued at $5,383,000 after purchasing an additional 62,358 shares during the period. 22.53% of the stock is owned by institutional investors and hedge funds.

In other news, SVP Gary E. Gould sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $67.00, for a total transaction of $335,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 76.83% of the company’s stock.

About Continental Resources

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties 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: Intrinsic Value and Stock Selection

Earnings History and Estimates for Continental Resources (NYSE:CLR)

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