Nissay Asset Management Corp Japan ADV increased its position in shares of Continental Resources, Inc. (NYSE:CLR) by 3.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,442 shares of the oil and natural gas company’s stock after buying an additional 292 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Continental Resources were worth $378,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CLR. Norges Bank purchased a new position in shares of Continental Resources in the fourth quarter valued at $52,621,000. American Century Companies Inc. boosted its stake in Continental Resources by 142.6% in the 4th 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 last quarter. Bank of Montreal Can boosted its stake in Continental Resources by 275.4% in the 1st quarter. Bank of Montreal Can now owns 424,374 shares of the oil and natural gas company’s stock worth $18,999,000 after buying an additional 311,330 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Continental Resources by 26.7% in the 4th 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 last quarter. Finally, Brandywine Global Investment Management LLC acquired a new stake in Continental Resources in the 4th quarter worth about $8,107,000. Hedge funds and other institutional investors own 20.18% of the company’s stock.
NYSE:CLR traded down $0.78 during mid-day trading on Friday, hitting $36.72. 2,005,300 shares of the company’s stock traded hands, compared to its average volume of 2,461,656. Continental Resources, Inc. has a 12 month low of $34.61 and a 12 month high of $71.95. The company has a market cap of $14.13 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.71 and a beta of 1.60. 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 business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders 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 dividend yield of 0.54%.
Continental Resources declared that its board has authorized 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 purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
CLR has been the topic of several research analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Continental Resources in a research note on Thursday, February 14th. Credit Suisse Group reissued a “buy” rating and set a $56.00 price target on shares of Continental Resources in a research report on Tuesday, February 19th. TD Securities reduced their price target on Continental Resources from $57.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, February 20th. Morgan Stanley set a $57.00 price target on Continental Resources and gave the stock a “buy” rating in a research report on Wednesday, February 20th. Finally, Raymond James restated a “buy” rating and set a $70.00 price objective on shares of Continental Resources in a report on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $63.38.
In related news, Director John T. Mcnabb II purchased 1,000 shares of Continental Resources stock in a transaction dated Wednesday, June 5th. The shares were acquired at an average cost of $39.88 per share, for a total transaction of $39,880.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Harold Hamm purchased 38,600 shares of Continental Resources stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $38.76 per share, for a total transaction of $1,496,136.00. The disclosure for this purchase can be found here. Over the last three months, insiders bought 896,428 shares of company stock valued at $38,319,996. 77.03% of the stock is currently owned by insiders.
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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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