Continental Resources (NYSE:CLR) had its target price decreased by Barclays from $59.00 to $58.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. Barclays currently has an overweight rating on the oil and natural gas company’s stock.
CLR has been the subject of a number of other research reports. Ifs Securities upgraded shares of SRC Energy from an outperform rating to a strong-buy rating in a research report on Tuesday, April 23rd. Seaport Global Securities restated a buy rating on shares of W&T Offshore in a research report on Friday, June 21st. Scotiabank restated a sell rating and set a C$7.50 target price on shares of Paramount Resources in a research report on Tuesday, March 12th. UBS Group upgraded shares of to a neutral rating and lifted their target price for the stock from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a research report on Thursday, June 20th. Finally, Morgan Stanley set a $23.00 target price on shares of Cabot Oil & Gas and gave the stock a hold rating in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-seven have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $61.32.
Shares of CLR opened at $40.99 on Tuesday. 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 has a market capitalization of $15.44 billion, a PE ratio of 14.43, a P/E/G ratio of 1.30 and a beta of 1.67. The business’s 50-day simple moving average is $39.42. Continental Resources has a 12-month low of $34.61 and a 12-month high of $71.95.
Continental Resources announced that its board has initiated 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 repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced 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. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $0.20 dividend on an annualized basis and a yield of 0.49%.
In related news, Director John T. Mcnabb II bought 1,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was purchased at an average cost of $39.88 per share, for a total transaction of $39,880.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Harold Hamm bought 38,600 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was bought at an average price 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 90 days, insiders purchased 104,600 shares of company stock valued at $4,312,166. 77.03% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Continental Resources during the fourth quarter worth approximately $52,621,000. Bank of New York Mellon Corp grew its stake in Continental Resources by 26.7% during the fourth quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock worth $49,059,000 after buying an additional 257,350 shares during the period. Northern Trust Corp grew its stake in Continental Resources by 4.7% during the fourth quarter. Northern Trust Corp now owns 828,055 shares of the oil and natural gas company’s stock worth $33,280,000 after buying an additional 37,093 shares during the period. American Century Companies Inc. grew its stake in Continental Resources by 142.6% during the fourth quarter. American Century Companies Inc. now owns 823,493 shares of the oil and natural gas company’s stock worth $33,096,000 after buying an additional 484,089 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Continental Resources by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 769,765 shares of the oil and natural gas company’s stock worth $30,937,000 after buying an additional 12,127 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.
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