Published On: Wed, Sep 7th, 2016

Continental Resources Inc. (CLR) Given Buy Rating at BMO Capital Markets

Continental Resources Inc. (NYSE:CLR)‘s stock had its “buy” rating reissued by equities research analysts at BMO Capital Markets in a report issued on Wednesday. They presently have a $50.00 target price on the stock. BMO Capital Markets’ price objective suggests a potential downside of 0.81% from the company’s previous close.
Continental Resources (NYSE:CLR) opened at 50.41 on Wednesday. Continental Resources has a 52-week low of $13.94 and a 52-week high of $51.01. The firm’s market cap is $18.68 billion. The firm’s 50 day moving average price is $46.41 and its 200 day moving average price is $38.85.
Continental Resources (NYSE:CLR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.01. During the same quarter in the previous year, the business earned $0.13 EPS. The business earned $525.70 million during the quarter, compared to analysts’ expectations of $518.42 million. The company’s revenue was down 33.5% on a year-over-year basis. Equities research analysts anticipate that Continental Resources will post ($0.77) EPS for the current fiscal year.

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A number of other research firms have also commented on CLR. Nomura upped their price target on Continental Resources from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Thursday, August 25th. Canaccord Genuity set a $51.00 target price on Continental Resources and gave the company a “buy” rating in a research report on Thursday, August 18th. Wunderlich upped their target price on Continental Resources from $50.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, August 19th. Stifel Nicolaus restated a “hold” rating on shares of Continental Resources in a research report on Wednesday, August 31st. Finally, Wells Fargo & Co. assumed coverage on Continental Resources in a research report on Tuesday, August 16th. They set an “outperform” rating and a $54.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $43.17.
Other large investors have bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Continental Resources by 3.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 308,506 shares of the company’s stock valued at $13,966,000 after buying an additional 9,243 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Continental Resources during the second quarter valued at about $288,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Continental Resources during the second quarter valued at about $1,064,000. Whittier Trust Co. raised its stake in Continental Resources by 24,589.2% in the second quarter. Whittier Trust Co. now owns 130,853 shares of the company’s stock valued at $5,923,000 after buying an additional 130,323 shares in the last quarter. Finally, Deprince Race & Zollo Inc. acquired a new stake in Continental Resources during the second quarter valued at about $498,000.
In related news, CFO John D. Hart sold 2,500 shares of Continental Resources stock in a transaction on Thursday, June 9th. The stock was sold at an average price of $43.22, for a total transaction of $108,050.00. Following the completion of the sale, the chief financial officer now owns 320,211 shares of the company’s stock, valued at $13,839,519.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John D. Hart sold 13,500 shares of Continental Resources stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $42.42, for a total value of $572,670.00. Following the sale, the chief financial officer now directly owns 310,211 shares of the company’s stock, valued at approximately $13,159,150.62. The disclosure for this sale can be found here.
Continental Resources, Inc is an independent crude oil and natural gas exploration and production 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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