Artemis Investment Management LLP Sells 122,180 Shares of Continental Resources, Inc. (CLR)

Artemis Investment Management LLP trimmed its position in Continental Resources, Inc. (NYSE:CLR) by 80.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,898 shares of the oil and natural gas company’s stock after selling 122,180 shares during the period. Artemis Investment Management LLP’s holdings in Continental Resources were worth $2,041,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Worldquant Millennium Quantitative Strategies LLC purchased a new stake in Continental Resources in the second quarter worth $29,364,000. Bank of America Corp DE grew its stake in Continental Resources by 20.3% in the second quarter. Bank of America Corp DE now owns 1,345,658 shares of the oil and natural gas company’s stock worth $87,146,000 after purchasing an additional 226,626 shares during the period. BlackRock Inc. grew its stake in Continental Resources by 5.6% in the second quarter. BlackRock Inc. now owns 4,829,027 shares of the oil and natural gas company’s stock worth $312,729,000 after purchasing an additional 256,614 shares during the period. Adams Natural Resources Fund Inc. grew its stake in Continental Resources by 189.1% in the third quarter. Adams Natural Resources Fund Inc. now owns 109,000 shares of the oil and natural gas company’s stock worth $7,443,000 after purchasing an additional 71,300 shares during the period. Finally, Prudential Financial Inc. grew its stake in Continental Resources by 31.0% in the third quarter. Prudential Financial Inc. now owns 1,225,496 shares of the oil and natural gas company’s stock worth $83,677,000 after purchasing an additional 290,300 shares during the period. 22.72% of the stock is currently owned by institutional investors.

CLR has been the topic of several recent research reports. TD Securities upped their price target on Continental Resources from $73.00 to $74.00 and gave the stock a “hold” rating in a research note on Wednesday, August 8th. Bank of America upped their price target on Continental Resources from $84.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, August 13th. Morgan Stanley upped their price target on Continental Resources from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, August 16th. KLR Group reaffirmed a “buy” rating and issued a $78.00 price target on shares of Continental Resources in a research note on Monday, August 20th. Finally, Barclays initiated coverage on Continental Resources in a research note on Wednesday, August 29th. They issued an “overweight” rating and a $77.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-four have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $71.34.

Continental Resources stock opened at $44.68 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.85 and a current ratio of 0.92. Continental Resources, Inc. has a 12 month low of $43.53 and a 12 month high of $71.95. The firm has a market capitalization of $17.45 billion, a price-to-earnings ratio of 87.61, a P/E/G ratio of 1.19 and a beta of 1.46.

Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Monday, October 29th. The oil and natural gas company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.08. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.21 billion. Continental Resources had a return on equity of 18.48% and a net margin of 35.43%. The company’s quarterly revenue was up 76.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. On average, research analysts predict that Continental Resources, Inc. will post 3.17 EPS for the current year.

In other news, SVP Gary E. Gould sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $67.00, for a total transaction of $335,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 76.83% of the company’s stock.

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About Continental Resources

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.

Further Reading: Cash Flow Analysis in Stock Selection

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Institutional Ownership by Quarter for Continental Resources (NYSE:CLR)

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