Zacks: Brokerages Anticipate Continental Resources, Inc. (NYSE:CLR) Will Post Quarterly Sales of $1.18 Billion

Brokerages expect Continental Resources, Inc. (NYSE:CLR) to announce $1.18 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have issued estimates for Continental Resources’ earnings, with estimates ranging from $1.09 billion to $1.28 billion. Continental Resources reported sales of $1.28 billion in the same quarter last year, which indicates a negative year over year growth rate of 7.8%. The company is scheduled to announce its next quarterly earnings report on Monday, November 4th.

On average, analysts expect that Continental Resources will report full-year sales of $4.73 billion for the current fiscal year, with estimates ranging from $4.46 billion to $5.01 billion. For the next financial year, analysts anticipate that the firm will post sales of $5.40 billion, with estimates ranging from $4.75 billion to $7.84 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Continental Resources.

Continental Resources (NYSE:CLR) last announced its quarterly 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 return on equity of 15.09% and a net margin of 19.64%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company posted $0.73 EPS. The company’s quarterly revenue was up 6.3% compared to the same quarter last year.

A number of research analysts have issued reports on CLR shares. ValuEngine downgraded Continental Resources from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 17th. Seaport Global Securities restated a “buy” rating on shares of Continental Resources in a research note on Friday, June 21st. Barclays reduced their price objective on Continental Resources from $59.00 to $58.00 and set an “overweight” rating for the company in a research note on Tuesday, July 9th. UBS Group set a $45.00 price objective on Continental Resources and gave the company a “hold” rating in a research note on Thursday, June 20th. Finally, Morgan Stanley reduced their price objective on Continental Resources from $53.00 to $51.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $59.32.

Continental Resources stock traded down $0.41 during trading on Monday, hitting $31.32. 1,500,875 shares of the company were exchanged, compared to its average volume of 2,663,687. The company has a market capitalization of $11.73 billion, a P/E ratio of 11.03, a P/E/G ratio of 0.99 and a beta of 1.65. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.03 and a quick ratio of 0.96. The firm has a 50 day simple moving average of $38.08. Continental Resources has a 52 week low of $29.87 and a 52 week high of $71.95.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be paid a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.64%.

Continental Resources declared that its board has authorized a stock repurchase program on Monday, June 3rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the oil and natural gas company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

In related news, CEO Harold Hamm acquired 38,600 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average price of $38.76 per share, with a total value of $1,496,136.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John T. Mcnabb II acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were bought at an average cost of $39.88 per share, for a total transaction of $39,880.00. The disclosure for this purchase can be found here. Insiders have bought a total of 104,600 shares of company stock valued at $4,312,166 in the last quarter. 77.03% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Continental Resources by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 769,765 shares of the oil and natural gas company’s stock valued at $30,937,000 after acquiring an additional 12,127 shares during the period. APG Asset Management N.V. raised its position in shares of Continental Resources by 153.9% in the 4th quarter. APG Asset Management N.V. now owns 58,400 shares of the oil and natural gas company’s stock valued at $2,053,000 after acquiring an additional 35,400 shares during the period. Nordea Investment Management AB raised its position in shares of Continental Resources by 213.3% in the 4th quarter. Nordea Investment Management AB now owns 5,173 shares of the oil and natural gas company’s stock valued at $208,000 after acquiring an additional 3,522 shares during the period. Norges Bank acquired a new stake in shares of Continental Resources in the 4th quarter valued at approximately $52,621,000. Finally, Geode Capital Management LLC raised its position in shares of Continental Resources by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 769,212 shares of the oil and natural gas company’s stock valued at $30,891,000 after acquiring an additional 18,662 shares during the period. 20.13% of the stock is currently owned by institutional investors and hedge funds.

About Continental Resources

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

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