ValuEngine Lowers Continental Resources (NYSE:CLR) to Strong Sell

ValuEngine downgraded shares of Continental Resources (NYSE:CLR) from a sell rating to a strong sell rating in a research report sent to investors on Wednesday, ValuEngine reports.

Several other brokerages also recently issued reports on CLR. Zacks Investment Research downgraded shares of Hersha Hospitality Trust from a buy rating to a hold rating in a research note on Thursday, May 2nd. UBS Group upgraded shares of to a neutral rating and raised their target price for the company from GBX 945 ($12.35) to GBX 2,060 ($26.92) in a research note on Thursday, June 20th. Seaport Global Securities reiterated a buy rating on shares of W&T Offshore in a research note on Friday, June 21st. Barclays raised their target price on shares of Roper Technologies from $342.00 to $355.00 and gave the company an equal weight rating in a research note on Tuesday, July 9th. Finally, Morgan Stanley set a $207.00 target price on shares of Alibaba Group and gave the company a buy rating in a research note on Friday, July 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $61.32.

Shares of NYSE:CLR opened at $36.26 on Wednesday. Continental Resources has a 52-week low of $34.61 and a 52-week high of $71.95. The firm has a market cap of $13.66 billion, a P/E ratio of 12.77, a P/E/G ratio of 1.17 and a beta of 1.67. The firm has a 50-day moving average price of $39.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.03 and a quick ratio of 0.96.

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. Continental Resources had a net margin of 20.06% and a return on equity of 16.71%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the business posted $0.68 EPS. Continental Resources’s revenue was down 1.5% on a year-over-year basis. Equities research analysts anticipate that Continental Resources will post 2.67 earnings per share for the current year.

Continental Resources announced that its board has authorized a share repurchase plan on Monday, June 3rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given 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 0.55%.

In other news, CEO Harold Hamm acquired 65,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were acquired at an average cost of $42.71 per share, with a total value of $2,776,150.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John T. Mcnabb II acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was 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. Over the last quarter, insiders bought 104,600 shares of company stock valued at $4,312,166. 77.03% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in CLR. Norges Bank bought a new position in Continental Resources in the fourth quarter valued at approximately $52,621,000. American Century Companies Inc. increased its stake in Continental Resources by 142.6% in the fourth quarter. American Century Companies Inc. now owns 823,493 shares of the oil and natural gas company’s stock valued at $33,096,000 after acquiring an additional 484,089 shares during the last quarter. Bank of Montreal Can increased its stake in Continental Resources by 275.4% in the first quarter. Bank of Montreal Can now owns 424,374 shares of the oil and natural gas company’s stock valued at $18,999,000 after acquiring an additional 311,330 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Continental Resources by 26.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock valued at $49,059,000 after acquiring an additional 257,350 shares during the last quarter. Finally, Bluestein R H & Co. increased its stake in 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 valued at $19,400,000 after acquiring an additional 254,206 shares during the last quarter. 20.08% of the stock is currently owned by institutional investors and hedge funds.

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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