Continental Resources, Inc. (NYSE:CLR – Get Rating) – Investment analysts at Capital One Financial lifted their Q3 2022 earnings per share estimates for Continental Resources in a research report issued to clients and investors on Wednesday, May 18th. Capital One Financial analyst P. Johnston now forecasts that the oil and natural gas company will post earnings of $3.33 per share for the quarter, up from their previous forecast of $2.50. Capital One Financial also issued estimates for Continental Resources’ Q4 2022 earnings at $3.59 EPS, FY2022 earnings at $12.83 EPS and FY2023 earnings at $11.31 EPS.
Several other equities research analysts have also issued reports on CLR. Barclays increased their target price on shares of Continental Resources from $64.00 to $67.00 and gave the stock an “underweight” rating in a report on Tuesday, April 19th. Raymond James increased their target price on shares of Continental Resources from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 25th. Royal Bank of Canada raised shares of Continental Resources from a “sector perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Monday, February 7th. Morgan Stanley increased their target price on shares of Continental Resources from $53.00 to $70.00 and gave the stock an “underweight” rating in a report on Friday, April 22nd. Finally, Mizuho increased their price objective on shares of Continental Resources from $59.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, March 31st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Continental Resources presently has a consensus rating of “Hold” and a consensus target price of $66.58.
Continental Resources (NYSE:CLR – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The oil and natural gas company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.24. Continental Resources had a net margin of 31.63% and a return on equity of 31.43%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the prior year, the business earned $0.77 EPS. The business’s quarterly revenue was up 49.4% on a year-over-year basis.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 23rd. Investors of record on Monday, May 9th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 6th. This represents a $1.12 dividend on an annualized basis and a yield of 1.87%. This is a positive change from Continental Resources’s previous quarterly dividend of $0.23. Continental Resources’s dividend payout ratio is currently 20.40%.
In other Continental Resources news, President Jack H. Stark sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $64.23, for a total value of $1,605,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Jack H. Stark sold 50,000 shares of the business’s 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 disclosure for this sale can be found here. In the last quarter, insiders sold 100,000 shares of company stock worth $6,204,250. 58.57% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the company. Toroso Investments LLC increased its position in shares of Continental Resources by 8.5% during the first quarter. Toroso Investments LLC now owns 19,336 shares of the oil and natural gas company’s stock worth $1,186,000 after purchasing an additional 1,509 shares in the last quarter. Virtu Financial LLC purchased a new stake in Continental Resources in the 1st quarter valued at $1,454,000. Mirabella Financial Services LLP purchased a new stake in Continental Resources in the 1st quarter valued at $465,000. Beacon Pointe Advisors LLC purchased a new stake in Continental Resources in the 1st quarter valued at $233,000. Finally, Royal Bank of Canada grew its holdings in Continental Resources by 53.3% in the 1st quarter. Royal Bank of Canada now owns 100,532 shares of the oil and natural gas company’s stock valued at $6,165,000 after buying an additional 34,954 shares in the last quarter. 13.41% of the stock is owned by institutional investors and hedge funds.
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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