Continental Resources, Inc. (NYSE:CLR) Expected to Post Quarterly Sales of $1.20 Billion

Equities analysts expect that Continental Resources, Inc. (NYSE:CLR) will announce $1.20 billion in sales for the current fiscal quarter, according to Zacks. Thirteen analysts have issued estimates for Continental Resources’ earnings. The highest sales estimate is $1.26 billion and the lowest is $1.04 billion. Continental Resources reported sales of $1.14 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 5.3%. The company is expected to announce its next quarterly earnings results on Tuesday, August 6th.

On average, analysts expect that Continental Resources will report full-year sales of $4.87 billion for the current financial year, with estimates ranging from $4.45 billion to $5.32 billion. For the next year, analysts anticipate that the business will post sales of $5.58 billion, with estimates ranging from $5.06 billion to $7.89 billion. Zacks’ sales averages are an average based on a survey of analysts that follow Continental Resources.

Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.11. Continental Resources had a return on equity of 16.71% and a net margin of 20.06%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the company earned $0.68 earnings per share. Continental Resources’s quarterly revenue was down 1.5% compared to the same quarter last year.

Several brokerages recently issued reports on CLR. Zacks Investment Research upgraded Continental Resources from a “sell” rating to a “hold” rating in a report on Thursday, February 28th. UBS Group set a $45.00 price objective on Continental Resources and gave the stock a “hold” rating in a report on Thursday, June 20th. Seaport Global Securities reiterated a “buy” rating on shares of Continental Resources in a report on Friday, June 21st. ValuEngine lowered Continental Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, June 1st. Finally, Morgan Stanley set a $53.00 price objective on Continental Resources and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $62.04.

In other Continental Resources news, Director John T. Mcnabb II purchased 1,000 shares of the stock in a transaction dated Wednesday, June 5th. The shares were bought at an average cost of $39.88 per share, with a total value of $39,880.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Harold Hamm purchased 65,000 shares of the stock in a transaction dated Thursday, May 16th. The stock was acquired at an average cost of $42.71 per share, for a total transaction of $2,776,150.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 104,600 shares of company stock worth $4,312,166. 77.03% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of the company. Ffcm LLC lifted its stake in shares of Continental Resources by 1.0% in the fourth quarter. Ffcm LLC now owns 28,620 shares of the oil and natural gas company’s stock valued at $1,150,000 after buying an additional 282 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Continental Resources by 7.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,176 shares of the oil and natural gas company’s stock valued at $187,000 after buying an additional 288 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Continental Resources by 3.6% in the first 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 buying an additional 292 shares during the period. Greenleaf Trust lifted its stake in shares of Continental Resources by 7.0% in the fourth quarter. Greenleaf Trust now owns 5,578 shares of the oil and natural gas company’s stock valued at $224,000 after buying an additional 365 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of Continental Resources by 3.5% in the first quarter. DNB Asset Management AS now owns 12,085 shares of the oil and natural gas company’s stock valued at $541,000 after buying an additional 412 shares during the period. 20.08% of the stock is currently owned by institutional investors.

Shares of NYSE:CLR traded up $2.65 during midday trading on Friday, hitting $42.37. 3,000,700 shares of the stock were exchanged, compared to its average volume of 2,458,299. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 0.87. Continental Resources has a 52-week low of $34.61 and a 52-week high of $71.95. The stock’s fifty day moving average is $39.50. The company has a market cap of $15.44 billion, a P/E ratio of 14.92, a PEG ratio of 1.21 and a beta of 1.60.

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. This represents a $0.20 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend is Wednesday, November 6th.

Continental Resources announced that its Board of Directors has initiated a stock buyback plan on Monday, June 3rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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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