Continental Resources, Inc. (NYSE:CLR) was upgraded by research analysts at Credit Suisse Group AG from a “neutral” rating to an “outperform” rating in a research report issued on Friday, May 5th. The firm presently has a $57.00 price target on the oil and natural gas company’s stock, up from their prior price target of $40.00. Credit Suisse Group AG’s target price would indicate a potential upside of 33.71% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also recently commented on CLR. Canaccord Genuity set a $61.00 price target on shares of Continental Resources and gave the company a “buy” rating in a report on Saturday, February 11th. Instinet reiterated a “positive” rating on shares of Continental Resources in a report on Monday, January 30th. Deutsche Bank AG cut their price target on shares of Continental Resources from $64.00 to $58.00 and set a “hold” rating on the stock in a report on Tuesday, March 7th. Royal Bank of Canada reiterated a “buy” rating and set a $63.00 price target on shares of Continental Resources in a report on Tuesday, April 25th. Finally, Scotiabank restated a “buy” rating and issued a $68.00 target price on shares of Continental Resources in a report on Thursday, February 23rd. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $56.71.
Continental Resources (NYSE:CLR) last posted its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.02 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.02. Continental Resources had a negative net margin of 28.27% and a negative return on equity of 8.69%. The firm had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $646.46 million.
In other news, CFO John D. Hart sold 6,000 shares of the firm’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $45.50, for a total transaction of $273,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Harold Hamm acquired 41,998 shares of the firm’s stock in a transaction dated Friday, March 24th. The shares were purchased at an average price of $42.37 per share, for a total transaction of $1,779,455.26. The disclosure for this purchase can be found here. 76.97% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Continental Resources by 4,992.6% in the first quarter. BlackRock Inc. now owns 4,961,398 shares of the oil and natural gas company’s stock worth $225,346,000 after buying an additional 4,863,974 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Continental Resources by 86.6% in the first quarter. Bank of America Corp DE now owns 3,497,989 shares of the oil and natural gas company’s stock worth $158,879,000 after buying an additional 1,623,470 shares in the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Continental Resources during the fourth quarter worth about $60,121,000. Norges Bank bought a new stake in shares of Continental Resources during the fourth quarter worth about $36,323,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Continental Resources during the first quarter worth about $22,855,000. Institutional investors own 23.17% of the company’s stock.
About Continental Resources
Continental Resources, Inc is a crude oil and natural gas company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units.
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