Raymond James Increases Continental Resources (NYSE:CLR) Price Target to $80.00

Continental Resources (NYSE:CLR – Get Rating) had its target price increased by analysts at Raymond James from $70.00 to $80.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the oil and natural gas company’s stock. Raymond James’ price target would indicate a potential upside of 36.05% from the company’s current price.

A number of other analysts also recently commented on the stock. Susquehanna boosted their price objective on shares of Continental Resources from $61.00 to $66.00 in a report on Monday. KeyCorp boosted their price target on Continental Resources from $70.00 to $72.00 and gave the stock an “overweight” rating in a research note on Thursday, April 14th. Citigroup raised their price objective on Continental Resources from $54.00 to $60.00 in a research note on Thursday, January 20th. Wells Fargo & Company upped their target price on Continental Resources from $64.00 to $82.00 and gave the company an “overweight” rating in a report on Monday, March 14th. Finally, Barclays lifted their price target on Continental Resources from $64.00 to $67.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $62.45.

Shares of CLR stock opened at $58.80 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.87. The stock has a 50 day simple moving average of $59.74 and a 200-day simple moving average of $52.84. The company has a market cap of $21.42 billion, a price-to-earnings ratio of 12.89, a price-to-earnings-growth ratio of 0.17 and a beta of 2.89. Continental Resources has a 12-month low of $25.24 and a 12-month high of $66.86.

Continental Resources (NYSE:CLR – Get Rating) last released 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 Thomson Reuters’ 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 firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the prior year, the business posted ($0.23) earnings per share. Continental Resources’s revenue was up 130.0% compared to the same quarter last year. On average, equities analysts forecast that Continental Resources will post 10.36 earnings per share for the current fiscal year.

In related news, major shareholder Harold Hamm purchased 300,744 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The stock was purchased at an average price of $59.30 per share, with a total value of $17,834,119.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Jack H. Stark sold 25,000 shares of Continental Resources stock in a transaction on Friday, March 25th. The shares were sold at an average price of $64.23, for a total transaction of $1,605,750.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 100,000 shares of company stock worth $6,204,250. 79.60% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the company. First Horizon Advisors Inc. purchased a new position in Continental Resources in the third quarter valued at approximately $27,000. Farmers & Merchants Investments Inc. bought a new position in Continental Resources during the 4th quarter valued at $29,000. Logan Capital Management Inc. grew its holdings in 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 worth $44,000 after acquiring an additional 450 shares in the last quarter. Bellwether Advisors LLC bought a new stake in shares of Continental Resources in the 4th quarter worth about $44,000. Finally, NuWave Investment Management LLC acquired a new stake in shares of Continental Resources in the 4th quarter valued at about $50,000. Institutional investors and hedge funds 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.

Featured Stories