Continental Resources, Inc. (NYSE:CLR) shares rose 6.7% during mid-day trading on Wednesday . The company traded as high as $42.75 and last traded at $42.37. Approximately 3,000,706 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 2,458,299 shares. The stock had previously closed at $39.72.
CLR has been the subject of a number of research reports. Scotiabank reiterated a “buy” rating and issued a $7.00 price objective on shares of Continental Resources in a report on Tuesday, March 12th. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, April 17th. Citigroup cut their price objective on Continental Resources from $65.00 to $55.00 and set a “buy” rating for the company in a report on Monday, March 4th. ValuEngine upgraded Continental Resources from a “sell” rating to a “hold” rating in a report on Tuesday, April 23rd. Finally, KeyCorp cut their price objective on Continental Resources from $55.00 to $52.00 and set an “overweight” rating for the company in a report on Tuesday, June 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $62.04.
The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 0.87. The firm’s 50 day moving average price is $39.50. The company has a market capitalization of $15.44 billion, a P/E ratio of 14.92, a P/E/G ratio of 1.21 and a beta of 1.60.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Wednesday, November 6th.
Continental Resources announced that its board has authorized a share repurchase plan on Monday, June 3rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the oil and natural gas company to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other Continental Resources news, Director John T. Mcnabb II purchased 1,000 shares of the stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $39.88 per share, with a total value of $39,880.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Harold Hamm purchased 38,600 shares of the stock in a transaction on Thursday, June 6th. The shares were 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. In the last three months, insiders bought 104,600 shares of company stock valued at $4,312,166. 77.03% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank boosted its position in shares of Continental Resources by 23.1% during the 4th quarter. Toronto Dominion Bank now owns 12,662 shares of the oil and natural gas company’s stock valued at $509,000 after purchasing an additional 2,373 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Continental Resources by 4.1% during the 4th quarter. New York State Common Retirement Fund now owns 271,500 shares of the oil and natural gas company’s stock valued at $10,912,000 after purchasing an additional 10,800 shares in the last quarter. Doyle Wealth Management bought a new position in shares of Continental Resources during the 4th quarter valued at about $42,000. AGF Investments Inc. boosted its position in shares of Continental Resources by 16.8% during the 4th quarter. AGF Investments Inc. now owns 58,176 shares of the oil and natural gas company’s stock valued at $2,338,000 after purchasing an additional 8,374 shares in the last quarter. Finally, Ffcm LLC boosted its position in shares of Continental Resources by 1.0% during the 4th quarter. Ffcm LLC now owns 28,620 shares of the oil and natural gas company’s stock valued at $1,150,000 after purchasing an additional 282 shares in the last quarter. 20.08% of the stock is owned by institutional investors and hedge funds.
About Continental Resources (NYSE:CLR)
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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