Continental Resources (NYSE:CLR) Price Target Raised to $67.00

Continental Resources (NYSE:CLRGet Rating) had its price objective raised by Barclays from $64.00 to $67.00 in a research note issued on Tuesday, The Fly reports. Barclays‘s price target would suggest a potential upside of 2.24% from the stock’s previous close.

Several other research analysts have also recently issued reports on CLR. StockNews.com initiated coverage on Continental Resources in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Royal Bank of Canada raised Continental Resources from a “sector perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a research report on Monday, February 7th. Piper Sandler boosted their price target on Continental Resources from $61.00 to $76.00 and gave the stock a “neutral” rating in a research report on Thursday, April 7th. Mizuho upped their price objective on Continental Resources from $59.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, March 31st. Finally, Raymond James lifted their target price on Continental Resources from $60.00 to $70.00 and gave the company a “market outperform” rating in a research note on Tuesday, January 25th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Continental Resources currently has an average rating of “Hold” and a consensus price target of $60.00.

CLR opened at $65.53 on Tuesday. The stock has a market cap of $23.87 billion, a price-to-earnings ratio of 14.37, a P/E/G ratio of 0.19 and a beta of 2.89. The stock’s 50 day moving average price is $59.30 and its 200-day moving average price is $52.49. Continental Resources has a one year low of $24.68 and a one year high of $66.86. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.97 and a current ratio of 1.04.

Continental Resources (NYSE:CLRGet Rating) last announced its quarterly earnings data on Monday, February 14th. The oil and natural gas company reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.06. Continental Resources had a return on equity of 23.67% and a net margin of 29.04%. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. Continental Resources’s revenue was up 130.0% compared to the same quarter last year. As a group, analysts predict that Continental Resources will post 9.89 earnings per share for the current fiscal year.

In related news, President Jack H. Stark sold 50,000 shares of the stock in a transaction that occurred on Friday, March 4th. The shares were sold at an average price of $60.13, for a total value of $3,006,500.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Harold Hamm purchased 300,744 shares of the business’s stock in a transaction that occurred on Monday, March 7th. The stock was acquired at an average price of $59.30 per share, for a total transaction of $17,834,119.20. The disclosure for this purchase can be found here. In the last quarter, insiders sold 100,000 shares of company stock worth $6,204,250. 82.35% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Smead Capital Management Inc. lifted its holdings in Continental Resources by 18.5% in the 4th quarter. Smead Capital Management Inc. now owns 6,578,234 shares of the oil and natural gas company’s stock valued at $294,442,000 after purchasing an additional 1,027,801 shares in the last quarter. Lord Abbett & CO. LLC lifted its holdings in Continental Resources by 84.6% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,964,128 shares of the oil and natural gas company’s stock valued at $90,645,000 after purchasing an additional 900,000 shares in the last quarter. Bank of America Corp DE lifted its holdings in Continental Resources by 46.3% in the 4th quarter. Bank of America Corp DE now owns 1,542,162 shares of the oil and natural gas company’s stock valued at $69,027,000 after purchasing an additional 488,382 shares in the last quarter. Millennium Management LLC increased its stake in shares of Continental Resources by 163.2% in the 3rd quarter. Millennium Management LLC now owns 704,876 shares of the oil and natural gas company’s stock worth $32,530,000 after acquiring an additional 437,050 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Continental Resources by 29.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,806,414 shares of the oil and natural gas company’s stock worth $80,855,000 after acquiring an additional 408,479 shares during the period. Hedge funds and other institutional investors own 13.41% of the company’s stock.

About Continental Resources (Get Rating)

Continental Resources, Inc explores for, develops, produces, and manages crude oil, natural gas, and related products 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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