Continental Resources (NYSE:CLR) Cut to Sector Perform at Scotiabank

Continental Resources (NYSE:CLR) was downgraded by equities researchers at Scotiabank from an “outperform” rating to a “sector perform” rating in a note issued to investors on Thursday, The Fly reports.

CLR has been the topic of a number of other reports. Mizuho lifted their price objective on shares of Continental Resources from $35.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, July 15th. Bank of America cut shares of Continental Resources from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $48.00 to $55.00 in a research note on Thursday. Truist Securities lifted their price objective on shares of Continental Resources from $48.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 7th. Morgan Stanley raised their price objective on shares of Continental Resources from $34.00 to $47.00 and gave the company an “underweight” rating in a research report on Wednesday, October 6th. Finally, KeyCorp boosted their target price on shares of Continental Resources from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.66.

Shares of CLR traded down $0.02 during midday trading on Thursday, hitting $52.32. 18,523 shares of the stock traded hands, compared to its average volume of 2,077,307. Continental Resources has a 1-year low of $11.61 and a 1-year high of $55.48. The firm has a market capitalization of $19.23 billion, a PE ratio of 50.80, a price-to-earnings-growth ratio of 1.14 and a beta of 3.37. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.04 and a current ratio of 1.11. The business’s 50 day moving average price is $41.24 and its two-hundred day moving average price is $35.30.

Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Sunday, August 1st. The oil and natural gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.36. Continental Resources had a net margin of 9.47% and a return on equity of 7.09%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the company posted ($0.71) earnings per share. The company’s revenue for the quarter was up 603.2% compared to the same quarter last year. As a group, equities research analysts forecast that Continental Resources will post 3.93 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Continental Resources by 24.3% in the 2nd quarter. Vanguard Group Inc. now owns 7,002,259 shares of the oil and natural gas company’s stock worth $266,296,000 after acquiring an additional 1,367,155 shares during the period. Smead Capital Management Inc. raised its holdings in Continental Resources by 28.1% in the 2nd quarter. Smead Capital Management Inc. now owns 5,410,842 shares of the oil and natural gas company’s stock worth $205,774,000 after acquiring an additional 1,187,996 shares during the period. BlackRock Inc. raised its holdings in Continental Resources by 21.2% in the 1st quarter. BlackRock Inc. now owns 4,972,057 shares of the oil and natural gas company’s stock worth $128,626,000 after acquiring an additional 870,128 shares during the period. Dimensional Fund Advisors LP raised its holdings in Continental Resources by 14.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,990,086 shares of the oil and natural gas company’s stock worth $75,667,000 after acquiring an additional 244,081 shares during the period. Finally, Northern Trust Corp raised its holdings in Continental Resources by 2.6% in the 1st quarter. Northern Trust Corp now owns 1,478,923 shares of the oil and natural gas company’s stock worth $38,260,000 after acquiring an additional 37,396 shares during the period. Hedge funds and other institutional investors own 13.14% of the company’s stock.

About Continental Resources

Continental Resources, Inc engages in the exploration, development and production of crude oil and natural gas. The firm sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies. The company was founded by Harold G.

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