Prudential Financial Inc. grew its stake in shares of Continental Resources, Inc. (NYSE:CLR) by 409.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 130,396 shares of the oil and natural gas company’s stock after buying an additional 104,800 shares during the quarter. Prudential Financial Inc.’s holdings in Continental Resources were worth $5,488,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Catalyst Capital Advisors LLC bought a new stake in shares of Continental Resources in the second quarter worth about $905,000. Heartland Advisors Inc. bought a new stake in shares of Continental Resources in the second quarter worth about $6,974,000. Allianz Asset Management GmbH grew its stake in shares of Continental Resources by 33.0% in the second quarter. Allianz Asset Management GmbH now owns 212,723 shares of the oil and natural gas company’s stock worth $8,953,000 after purchasing an additional 52,728 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Continental Resources by 3.5% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,864 shares of the oil and natural gas company’s stock worth $541,000 after purchasing an additional 430 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its stake in shares of Continental Resources by 38.7% in the second quarter. Bridges Investment Management Inc. now owns 316,222 shares of the oil and natural gas company’s stock worth $13,309,000 after purchasing an additional 88,242 shares during the last quarter. 19.49% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have weighed in on CLR shares. ValuEngine cut Continental Resources from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 17th. UBS Group set a $45.00 price objective on Continental Resources and gave the company a “hold” rating in a research report on Thursday, June 20th. Guggenheim reaffirmed a “buy” rating and set a $50.00 price objective (down from $60.00) on shares of Continental Resources in a research report on Wednesday, August 21st. TD Securities cut their price objective on Continental Resources from $51.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, BMO Capital Markets cut Continental Resources from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $54.52.
Shares of CLR stock traded up $0.21 during trading hours on Friday, hitting $32.16. 10,877 shares of the company’s stock traded hands, compared to its average volume of 2,391,107. The stock’s fifty day simple moving average is $31.39 and its two-hundred day simple moving average is $39.59. Continental Resources, Inc. has a 12-month low of $27.54 and a 12-month high of $71.95. The stock has a market cap of $11.96 billion, a price-to-earnings ratio of 11.29, a PEG ratio of 1.11 and a beta of 1.69. The company has a quick ratio of 0.95, a current ratio of 1.03 and a debt-to-equity ratio of 0.85.
Continental Resources (NYSE:CLR) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The business had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the business posted $0.73 earnings per share. Continental Resources’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities analysts forecast that Continental Resources, Inc. will post 2.33 earnings per share for the current fiscal year.
Continental Resources declared that its board has initiated a stock buyback plan on Monday, June 3rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.
Continental Resources Company Profile
Continental Resources, Inc explores for, develops, and produces crude oil and natural gas properties 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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