Continental Resources (NYSE:CLR) Downgraded to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada cut shares of Continental Resources (NYSE:CLR) from an outperform rating to a sector perform rating in a research note published on Thursday, Price Targets.com reports. Royal Bank of Canada currently has $40.00 price objective on the oil and natural gas company’s stock, up from their prior price objective of $34.00. The analysts noted that the move was a valuation call.

Several other equities analysts also recently commented on CLR. MKM Partners downgraded shares of Continental Resources from a buy rating to a neutral rating and increased their target price for the stock from $35.00 to $36.00 in a research report on Thursday, June 3rd. They noted that the move was a valuation call. Raymond James raised shares of Continental Resources from a market perform rating to an outperform rating and set a $34.00 target price on the stock in a research report on Friday, April 23rd. Truist Securities increased their target price on shares of Continental Resources from $26.00 to $36.00 in a research report on Friday, April 30th. Truist increased their target price on shares of Continental Resources from $26.00 to $36.00 in a research report on Friday, April 30th. Finally, Bank of America reaffirmed a neutral rating on shares of Continental Resources in a research report on Monday, March 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. Continental Resources currently has a consensus rating of Hold and an average target price of $28.78.

Shares of NYSE:CLR opened at $35.29 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.80 and a debt-to-equity ratio of 0.74. Continental Resources has a 1 year low of $11.09 and a 1 year high of $36.45. The stock’s fifty day moving average price is $29.52. The stock has a market capitalization of $12.97 billion, a price-to-earnings ratio of -84.02 and a beta of 3.31.

Continental Resources (NYSE:CLR) last posted its earnings results on Tuesday, April 27th. The oil and natural gas company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.25. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $922.45 million. Continental Resources had a negative net margin of 5.19% and a negative return on equity of 1.80%. The business’s quarterly revenue was up 38.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) earnings per share. On average, sell-side analysts anticipate that Continental Resources will post 2.11 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, May 24th. Investors of record on Monday, May 10th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 7th. This is an increase from Continental Resources’s previous quarterly dividend of $0.05. This represents a $0.44 dividend on an annualized basis and a yield of 1.25%. Continental Resources’s dividend payout ratio (DPR) is -37.61%.

In other Continental Resources news, SVP Pat Bent sold 7,313 shares of the firm’s stock in a transaction dated Thursday, May 13th. The shares were sold at an average price of $29.63, for a total transaction of $216,684.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ellis L. Mccain sold 27,238 shares of the firm’s stock in a transaction dated Friday, May 14th. The stock was sold at an average price of $30.68, for a total transaction of $835,661.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,051 shares of company stock worth $1,252,071. 82.35% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Strategic Wealth Partners Ltd. bought a new position in Continental Resources during the first quarter worth about $377,000. Earnest Partners LLC lifted its stake in Continental Resources by 1.3% during the first quarter. Earnest Partners LLC now owns 1,109,806 shares of the oil and natural gas company’s stock worth $28,711,000 after purchasing an additional 13,965 shares during the period. Canada Pension Plan Investment Board lifted its stake in Continental Resources by 47.7% during the first quarter. Canada Pension Plan Investment Board now owns 142,483 shares of the oil and natural gas company’s stock worth $3,686,000 after purchasing an additional 45,984 shares during the period. Point72 Asset Management L.P. lifted its stake in Continental Resources by 2.2% during the first quarter. Point72 Asset Management L.P. now owns 871,759 shares of the oil and natural gas company’s stock worth $22,552,000 after purchasing an additional 18,476 shares during the period. Finally, State of Wisconsin Investment Board raised its stake in shares of Continental Resources by 3,487.9% in the first quarter. State of Wisconsin Investment Board now owns 510,779 shares of the oil and natural gas company’s stock valued at $13,214,000 after acquiring an additional 496,543 shares during the last quarter. Hedge funds and other institutional investors own 13.79% of the company’s stock.

About Continental Resources

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

Further Reading: Cost of Equity

Analyst Recommendations 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.