Tiverton Asset Management LLC Invests $358,000 in Continental Resources, Inc. (NYSE:CLR)

Tiverton Asset Management LLC purchased a new stake in shares of Continental Resources, Inc. (NYSE:CLR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 8,514 shares of the oil and natural gas company’s stock, valued at approximately $358,000.

Several other hedge funds have also recently made changes to their positions in the company. Motco acquired a new stake in Continental Resources during the second quarter worth about $25,000. Westside Investment Management Inc. purchased a new stake in shares of Continental Resources during the 2nd quarter valued at approximately $49,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Continental Resources during the 2nd quarter valued at approximately $68,000. Meeder Asset Management Inc. lifted its holdings in Continental Resources by 31.3% in the second quarter. Meeder Asset Management Inc. now owns 1,622 shares of the oil and natural gas company’s stock valued at $68,000 after acquiring an additional 387 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Continental Resources by 43.5% in the first 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. 19.49% of the stock is currently owned by hedge funds and other institutional investors.

CLR traded down $0.29 during mid-day trading on Wednesday, hitting $32.26. 94,974 shares of the stock were exchanged, compared to its average volume of 2,356,182. The firm’s fifty day moving average is $31.46 and its two-hundred day moving average is $39.66. Continental Resources, Inc. has a 1-year low of $27.54 and a 1-year high of $71.95. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The company has a market cap of $11.99 billion, a PE ratio of 11.38, a PEG ratio of 1.09 and a beta of 1.69.

Continental Resources (NYSE:CLR) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.16 billion. Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.73 earnings per share. As a group, research analysts anticipate that Continental Resources, Inc. will post 2.33 earnings per share for the current year.

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

Several equities research analysts have issued reports on CLR shares. Piper Jaffray Companies set a $49.00 target price on Continental Resources and gave the stock a “buy” rating in a research note on Friday, August 16th. Wells Fargo & Co reduced their target price on Continental Resources from $55.00 to $53.00 and set an “outperform” rating on the stock in a research report on Monday, August 12th. Barclays decreased their price target on Continental Resources from $59.00 to $58.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 9th. TD Securities lowered their price target on Continental Resources from $51.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Finally, MKM Partners cut their price objective on Continental Resources from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $54.52.

Continental Resources 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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Institutional Ownership by Quarter for Continental Resources (NYSE:CLR)

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