Continental Resources (NYSE:CLR) Price Target Cut to $51.00

Continental Resources (NYSE:CLR) had its target price reduced by stock analysts at Morgan Stanley from $53.00 to $51.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target would suggest a potential upside of 24.42% from the company’s previous close.

A number of other equities research analysts have also commented on CLR. ValuEngine lowered shares of Zuora from a “buy” rating to a “hold” rating in a report on Saturday, June 1st. Barclays upped their price target on shares of Roper Technologies from $342.00 to $355.00 and gave the company an “equal weight” rating in a report on Tuesday, July 9th. UBS Group upgraded shares of to a “neutral” rating and upped their price target for the company from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a report on Thursday, June 20th. Seaport Global Securities restated a “buy” rating on shares of W&T Offshore in a report on Friday, June 21st. Finally, KeyCorp initiated coverage on shares of Southern in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $61.32.

NYSE:CLR opened at $40.99 on Friday. The firm’s fifty day moving average price is $39.42. Continental Resources has a 52 week low of $34.61 and a 52 week high of $71.95. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 0.87. The company has a market cap of $15.44 billion, a price-to-earnings ratio of 14.43, a P/E/G ratio of 1.30 and a beta of 1.67.

Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.11. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. The company 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 business posted $0.68 EPS. The firm’s revenue was down 1.5% compared to the same quarter last year. Research analysts predict that Continental Resources will post 2.72 EPS for the current fiscal year.

Continental Resources announced that its board has authorized a share buyback program on Monday, June 3rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, CEO Harold Hamm acquired 38,600 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average cost of $38.76 per share, with a total value of $1,496,136.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John T. Mcnabb II acquired 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average cost of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Insiders bought a total of 104,600 shares of company stock worth $4,312,166 over the last ninety days. Insiders own 77.03% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Legacy Advisors LLC purchased a new stake in Continental Resources during the 1st quarter valued at about $45,000. Private Capital Group LLC grew its position in Continental Resources by 170.9% during the 1st quarter. Private Capital Group LLC now owns 2,254 shares of the oil and natural gas company’s stock valued at $101,000 after purchasing an additional 1,422 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Continental Resources by 43.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 2,598 shares of the oil and natural gas company’s stock valued at $116,000 after acquiring an additional 788 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in shares of Continental Resources by 26.4% during the 1st quarter. Penserra Capital Management LLC now owns 3,459 shares of the oil and natural gas company’s stock valued at $154,000 after acquiring an additional 723 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in shares of Continental Resources by 7.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock valued at $187,000 after acquiring an additional 288 shares during the last quarter. 20.08% of the stock is currently owned by 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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