Continental Resources, Inc. (NYSE:CLR) Shares Sold by Castleark Management LLC

Castleark Management LLC trimmed its holdings in Continental Resources, Inc. (NYSE:CLR) by 2.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 451,917 shares of the oil and natural gas company’s stock after selling 12,620 shares during the period. Castleark Management LLC’s holdings in Continental Resources were worth $19,021,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Motco purchased a new stake in shares of Continental Resources during the second quarter worth approximately $25,000. Glen Harbor Capital Management LLC purchased a new stake in Continental Resources during the second quarter worth $38,000. Westside Investment Management Inc. purchased a new position in shares of Continental Resources in the second quarter valued at $49,000. Tyers Asset Management LLC acquired a new position in Continental Resources during the second quarter worth about $52,000. Finally, Flinton Capital Management LLC purchased a new stake in shares of Continental Resources in the second quarter valued at about $66,000. Institutional investors and hedge funds own 19.49% of the company’s stock.

Shares of CLR traded up $0.79 during midday trading on Wednesday, hitting $33.34. 10,887 shares of the stock traded hands, compared to its average volume of 2,356,182. The business’s 50 day moving average price is $31.46 and its two-hundred day moving average price is $39.66. The firm has a market capitalization of $11.99 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.09 and a beta of 1.69. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.95 and a current ratio of 1.03. Continental Resources, Inc. has a 1-year low of $27.54 and a 1-year high of $71.95.

Continental Resources (NYSE:CLR) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm earned $0.73 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities research analysts forecast that Continental Resources, Inc. will post 2.33 EPS for the current fiscal year.

Continental Resources declared that its Board of Directors has initiated a stock buyback program 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 repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

A number of research analysts have recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $50.00 price objective (down from $60.00) on shares of Continental Resources in a research note on Wednesday, August 21st. KeyCorp dropped their price objective on Continental Resources from $55.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. MKM Partners cut their target price on shares of Continental Resources from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. ValuEngine lowered shares of Continental Resources from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 17th. Finally, TD Securities decreased their price target on shares of Continental Resources from $51.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Continental Resources currently has an average rating of “Buy” and an average target price of $54.52.

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

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