Continental Resources (NYSE:CLR) Given New $70.00 Price Target at Morgan Stanley

Continental Resources (NYSE:CLRGet Rating) had its price target hoisted by equities researchers at Morgan Stanley from $53.00 to $70.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s target price suggests a potential upside of 13.23% from the stock’s current price.

CLR has been the topic of a number of other reports. Citigroup increased their target price on Continental Resources from $54.00 to $60.00 in a report on Thursday, January 20th. StockNews.com assumed coverage on Continental Resources in a report on Thursday, March 31st. They issued a “hold” rating on the stock. MKM Partners increased their target price on Continental Resources from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, February 16th. Royal Bank of Canada upgraded Continental Resources from a “sector perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Monday, February 7th. Finally, KeyCorp increased their target price on Continental Resources from $70.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, April 14th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Continental Resources presently has an average rating of “Hold” and a consensus target price of $61.74.

Shares of Continental Resources stock traded down $0.52 on Friday, reaching $61.82. 4,609 shares of the company’s stock were exchanged, compared to its average volume of 1,995,706. The company has a market capitalization of $22.52 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.19 and a beta of 2.89. Continental Resources has a 52 week low of $25.02 and a 52 week high of $66.86. The firm’s 50-day moving average is $59.71 and its two-hundred day moving average is $52.74. 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 posted its quarterly earnings results on Monday, February 14th. The oil and natural gas company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.06. The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Continental Resources had a return on equity of 23.67% and a net margin of 29.04%. The company’s revenue for the quarter was up 130.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.23) EPS. On average, analysts expect that Continental Resources will post 9.89 EPS for the current fiscal year.

In other news, major shareholder Harold Hamm purchased 300,744 shares of the business’s stock in a transaction dated Monday, March 7th. The stock was bought at an average price of $59.30 per share, for a total transaction of $17,834,119.20. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Jack H. Stark sold 50,000 shares of the stock in a transaction on Friday, March 4th. The stock was sold at an average price of $60.13, for a total value of $3,006,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 100,000 shares of company stock valued at $6,204,250. Insiders own 82.35% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Horizon Advisors Inc. bought a new position in Continental Resources in the 3rd quarter worth about $27,000. Farmers & Merchants Investments Inc. bought a new position in Continental Resources in the 4th quarter worth about $29,000. Logan Capital Management Inc. boosted its position in shares of Continental Resources by 90.0% during the 3rd quarter. Logan Capital Management Inc. now owns 950 shares of the oil and natural gas company’s stock valued at $44,000 after acquiring an additional 450 shares during the last quarter. Bellwether Advisors LLC bought a new stake in shares of Continental Resources during the 4th quarter valued at about $44,000. Finally, NuWave Investment Management LLC bought a new stake in shares of Continental Resources during the 4th quarter valued at about $50,000. Institutional investors and hedge funds own 13.41% of the company’s stock.

Continental Resources Company Profile (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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Analyst Recommendations for Continental Resources (NYSE:CLR)

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