Continental Resources, Inc. (NYSE:CLR) – Investment analysts at SunTrust Banks dropped their FY2021 earnings per share (EPS) estimates for Continental Resources in a research note issued to investors on Monday, June 3rd, according to Zacks Investment Research. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings per share of $3.45 for the year, down from their prior estimate of $3.46.
Continental Resources (NYSE:CLR) last issued its earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.11. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.07 billion. Continental Resources had a return on equity of 16.71% and a net margin of 20.06%. The business’s revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 earnings per share.
Shares of CLR traded down $0.17 during mid-day trading on Thursday, hitting $42.09. The stock had a trading volume of 2,628,347 shares, compared to its average volume of 2,450,719. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 14.82, a P/E/G ratio of 1.31 and a beta of 1.60. The stock’s fifty day moving average price is $39.50. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.96 and a current ratio of 1.03. Continental Resources has a 52 week low of $34.61 and a 52 week high of $71.95.
The company also recently disclosed 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Wednesday, November 6th.
Continental Resources declared that its Board of Directors has authorized a stock buyback program on Monday, June 3rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Harold Hamm bought 38,600 shares of the stock in a transaction dated 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 acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John T. Mcnabb II bought 1,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was bought at an average cost of $39.88 per share, with a total value of $39,880.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 104,600 shares of company stock valued at $4,312,166. 77.03% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. acquired a new position in Continental Resources during the first quarter worth about $2,729,000. Bluestein R H & Co. increased its position in shares of Continental Resources by 141.9% in the first quarter. Bluestein R H & Co. now owns 433,331 shares of the oil and natural gas company’s stock worth $19,400,000 after acquiring an additional 254,206 shares in the last quarter. Swiss National Bank increased its position in shares of Continental Resources by 3.6% in the first quarter. Swiss National Bank now owns 316,356 shares of the oil and natural gas company’s stock worth $14,163,000 after acquiring an additional 11,000 shares in the last quarter. Toronto Dominion Bank grew its holdings in Continental Resources by 62.9% during the 1st quarter. Toronto Dominion Bank now owns 20,624 shares of the oil and natural gas company’s stock valued at $923,000 after purchasing an additional 7,962 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its holdings in Continental Resources by 3.6% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 8,442 shares of the oil and natural gas company’s stock valued at $378,000 after purchasing an additional 292 shares in the last quarter. Institutional investors and hedge funds own 20.08% of the company’s stock.
About Continental Resources
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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