CIBC World Markets Inc. acquired a new position in Continental Resources, Inc. (NYSE:CLR) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 23,285 shares of the oil and natural gas company’s stock, valued at approximately $1,042,000.
Other large investors have also modified their holdings of the company. Rational Advisors LLC boosted its position in Continental Resources by 207.8% in the 4th quarter. Rational Advisors LLC now owns 674 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 455 shares during the period. Doyle Wealth Management purchased a new stake in shares of Continental Resources in the 4th quarter valued at $42,000. Legacy Advisors LLC purchased a new stake in Continental Resources during the first quarter worth $45,000. Private Capital Group LLC boosted its holdings in Continental Resources by 170.9% during the first quarter. Private Capital Group LLC now owns 2,254 shares of the oil and natural gas company’s stock worth $101,000 after buying an additional 1,422 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its holdings in Continental Resources by 107.3% during the fourth quarter. Penserra Capital Management LLC now owns 2,736 shares of the oil and natural gas company’s stock worth $109,000 after buying an additional 1,416 shares in the last quarter. 20.08% of the stock is owned by institutional investors and hedge funds.
A number of research firms have weighed in on CLR. Morgan Stanley set a $61.00 price objective on shares of Continental Resources and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Zacks Investment Research upgraded shares of Continental Resources from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Thursday, May 2nd. UBS Group set a $45.00 target price on shares of Continental Resources and gave the company a “hold” rating in a research report on Thursday, June 20th. Seaport Global Securities restated a “buy” rating on shares of Continental Resources in a research report on Friday, June 21st. Finally, ValuEngine cut shares of Continental Resources from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-eight have given a buy rating to the company’s stock. Continental Resources currently has a consensus rating of “Buy” and a consensus price target of $62.04.
CLR stock traded down $0.17 during midday trading on Friday, reaching $42.09. 2,628,347 shares of the company were exchanged, compared to its average volume of 2,450,719. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 0.87. Continental Resources, Inc. has a 1-year low of $34.61 and a 1-year high of $71.95. The company’s 50-day moving average price is $39.50. The company has a market capitalization of $15.96 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 1.31 and a beta of 1.60.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.11. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. As a group, sell-side analysts predict that Continental Resources, Inc. will post 2.79 EPS for the current year.
The firm 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 is Wednesday, November 6th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.48%.
Continental Resources announced that its Board of Directors has approved a stock repurchase program on Monday, June 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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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