$1.18 Billion in Sales Expected for Continental Resources, Inc. (CLR) This Quarter

Wall Street analysts forecast that Continental Resources, Inc. (NYSE:CLR) will report sales of $1.18 billion for the current quarter, Zacks reports. Twelve analysts have made estimates for Continental Resources’ earnings, with estimates ranging from $1.08 billion to $1.33 billion. Continental Resources posted sales of $661.49 million during the same quarter last year, which would indicate a positive year over year growth rate of 78.4%. The company is scheduled to issue its next earnings report on Tuesday, August 14th.

According to Zacks, analysts expect that Continental Resources will report full-year sales of $4.92 billion for the current year, with estimates ranging from $4.45 billion to $5.45 billion. For the next fiscal year, analysts forecast that the firm will report sales of $5.56 billion per share, with estimates ranging from $4.65 billion to $6.36 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Continental Resources.

Continental Resources (NYSE:CLR) last announced its quarterly earnings data on Wednesday, May 2nd. The oil and natural gas company reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.04. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Continental Resources had a return on equity of 9.23% and a net margin of 28.60%. Continental Resources’s revenue for the quarter was up 66.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.02 EPS.

A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “strong-buy” rating and set a $75.00 price target for the company in a report on Thursday. B. Riley lifted their price target on Continental Resources from $70.00 to $86.00 and gave the stock a “buy” rating in a report on Monday. Morgan Stanley lifted their price target on Continental Resources from $83.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, May 24th. Citigroup cut Continental Resources from a “buy” rating to a “neutral” rating and set a $40.00 price target for the company. in a report on Monday, May 7th. They noted that the move was a valuation call. Finally, Royal Bank of Canada lifted their price target on Continental Resources to $71.00 and gave the stock an “outperform” rating in a report on Friday, May 4th. Eleven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $62.27.

In other news, SVP Steven K. Owen sold 18,000 shares of Continental Resources stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $66.16, for a total value of $1,190,880.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ellis L. Mccain sold 2,222 shares of Continental Resources stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $66.37, for a total transaction of $147,474.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,222 shares of company stock valued at $2,799,634. Corporate insiders own 76.83% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Continental Resources in the first quarter valued at approximately $2,383,000. WINTON GROUP Ltd acquired a new stake in shares of Continental Resources in the first quarter valued at approximately $445,000. Wesbanco Bank Inc. raised its position in shares of Continental Resources by 42.4% in the first quarter. Wesbanco Bank Inc. now owns 213,767 shares of the oil and natural gas company’s stock valued at $12,601,000 after buying an additional 63,614 shares in the last quarter. CIBC World Markets Inc. acquired a new stake in shares of Continental Resources in the first quarter valued at approximately $2,341,000. Finally, Xact Kapitalforvaltning AB raised its position in shares of Continental Resources by 8.8% in the first quarter. Xact Kapitalforvaltning AB now owns 11,321 shares of the oil and natural gas company’s stock valued at $667,000 after buying an additional 915 shares in the last quarter. Institutional investors own 22.65% of the company’s stock.

Shares of NYSE CLR traded down $0.77 during mid-day trading on Monday, hitting $64.26. The company had a trading volume of 86,853 shares, compared to its average volume of 2,385,676. The stock has a market capitalization of $24.74 billion, a price-to-earnings ratio of 126.00 and a beta of 1.27. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.93 and a quick ratio of 0.85. Continental Resources has a one year low of $29.08 and a one year high of $69.91.

Continental Resources Company Profile

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties 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.

Get a free copy of the Zacks research report on Continental Resources (CLR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Continental Resources (NYSE:CLR)

Receive News & Ratings for Continental Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Continental Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply