Shares of Continental Resources, Inc. (NYSE:CLR – Get Rating) have been assigned a consensus recommendation of “Hold” from the twenty-three brokerages that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $69.70.
Several brokerages recently weighed in on CLR. Credit Suisse Group set a $78.00 target price on shares of Continental Resources in a report on Monday, June 20th. Citigroup downgraded Continental Resources from a “buy” rating to a “neutral” rating and cut their price target for the stock from $74.00 to $70.00 in a research note on Friday, June 24th. Barclays dropped their price objective on Continental Resources from $73.00 to $70.00 and set an “underweight” rating for the company in a research report on Wednesday, August 31st. Morgan Stanley lowered their price target on Continental Resources from $69.00 to $67.00 and set an “underweight” rating for the company in a report on Tuesday, July 19th. Finally, Royal Bank of Canada cut Continental Resources from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $75.00 to $80.00 in a report on Wednesday, July 6th.
Institutional Investors Weigh In On Continental Resources
Hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC purchased a new stake in shares of Continental Resources in the first quarter worth $26,000. Acadian Asset Management LLC bought a new stake in Continental Resources during the 1st quarter valued at about $36,000. Ronald Blue Trust Inc. bought a new stake in Continental Resources during the 2nd quarter valued at about $44,000. Atlas Capital Advisors LLC bought a new stake in shares of Continental Resources in the 1st quarter valued at about $47,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Continental Resources by 507.8% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 778 shares of the oil and natural gas company’s stock valued at $48,000 after purchasing an additional 650 shares in the last quarter. Hedge funds and other institutional investors own 13.41% of the company’s stock.
Continental Resources Stock Down 1.5 %
Continental Resources (NYSE:CLR – Get Rating) last released its earnings results on Thursday, July 28th. The oil and natural gas company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.05 by $0.42. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.66 billion. Continental Resources had a net margin of 37.73% and a return on equity of 40.32%. The business’s revenue was up 114.6% on a year-over-year basis. During the same quarter last year, the business earned $0.91 EPS. Research analysts anticipate that Continental Resources will post 12.42 EPS for the current year.
Continental Resources Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 22nd. Shareholders of record on Monday, August 8th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Friday, August 5th. Continental Resources’s dividend payout ratio is presently 13.91%.
About Continental Resources
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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