Continental Resources Sees Unusually Large Options Volume (NYSE:CLR)

Continental Resources, Inc. (NYSE:CLR) saw unusually large options trading on Wednesday. Stock investors bought 1,888 put options on the stock. This is an increase of approximately 774% compared to the average daily volume of 216 put options.

In other news, CEO Harold Hamm bought 36,452 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was bought at an average price of $42.05 per share, for a total transaction of $1,532,806.60. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 76.97% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted 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 valued at $225,346,000 after buying an additional 4,863,974 shares during the last quarter. Bank of America Corp DE boosted 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 valued at $158,879,000 after buying an additional 1,623,470 shares during the last quarter. Norges Bank bought a new stake in shares of Continental Resources during the fourth quarter valued at about $36,323,000. Renaissance Technologies LLC bought a new stake in shares of Continental Resources during the first quarter valued at about $22,855,000. Finally, Teachers Advisors LLC boosted its stake in shares of Continental Resources by 14.3% in the fourth quarter. Teachers Advisors LLC now owns 2,444,638 shares of the oil and natural gas company’s stock valued at $125,997,000 after buying an additional 305,643 shares during the last quarter. Institutional investors and hedge funds own 23.10% of the company’s stock.

Continental Resources (CLR) traded down 0.71% on Friday, reaching $33.52. The company’s stock had a trading volume of 3,062,731 shares. Continental Resources has a 1-year low of $29.08 and a 1-year high of $60.30. The company’s market capitalization is $12.58 billion. The firm’s 50 day moving average price is $32.30 and its 200-day moving average price is $41.47.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Wednesday, May 3rd. The oil and natural gas company reported $0.02 EPS for the quarter, hitting analysts’ consensus estimates of $0.02. Continental Resources had a negative return on equity of 3.93% and a negative net margin of 9.08%. The company had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $646.46 million. Equities analysts forecast that Continental Resources will post $0.10 earnings per share for the current year.

CLR has been the subject of a number of recent research reports. Credit Suisse Group upgraded Continental Resources from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $40.00 to $57.00 in a research report on Friday, May 5th. They noted that the move was a valuation call. Barclays PLC reiterated a “buy” rating and issued a $53.00 price objective (down previously from $58.00) on shares of Continental Resources in a research report on Thursday, April 20th. ValuEngine downgraded Continental Resources from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Citigroup Inc. lowered their price objective on Continental Resources from $60.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Finally, Seaport Global Securities downgraded Continental Resources from a “buy” rating to a “sell” rating and decreased their target price for the company from $57.00 to $20.00 in a report on Wednesday, June 21st. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have issued a buy rating to the stock. Continental Resources presently has an average rating of “Buy” and an average target price of $50.54.

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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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