Imperial Capital Cuts Continental Resources (NYSE:CLR) Price Target to $10.00

Continental Resources (NYSE:CLR) had its price objective lowered by Imperial Capital from $25.00 to $10.00 in a research note issued to investors on Wednesday morning, AnalystRatings.com reports. Imperial Capital currently has an outperform rating on the oil and natural gas company’s stock. Imperial Capital also issued estimates for Continental Resources’ Q1 2020 earnings at ($0.33) EPS, Q2 2020 earnings at ($0.48) EPS, Q3 2020 earnings at ($0.29) EPS, Q4 2020 earnings at ($0.18) EPS, FY2020 earnings at ($1.28) EPS and FY2021 earnings at ($0.92) EPS.

CLR has been the subject of a number of other research reports. Stephens downgraded Continental Resources from an overweight rating to an equal weight rating and reduced their price target for the company from $38.00 to $12.00 in a report on Friday, March 20th. Cfra reduced their price target on Continental Resources from $21.00 to $8.00 and set a sell rating for the company in a report on Monday, March 9th. Zacks Investment Research raised Continental Resources from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Tuesday, January 14th. Barclays downgraded Continental Resources from an overweight rating to an equal weight rating and set a $16.00 target price on the stock. in a report on Tuesday, March 24th. Finally, Credit Suisse Group reaffirmed a neutral rating and set a $12.00 target price on shares of Continental Resources in a report on Thursday, March 19th. Six research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $24.98.

CLR traded up $0.74 on Wednesday, reaching $9.08. The company’s stock had a trading volume of 8,876,362 shares, compared to its average volume of 10,224,117. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 3.69 and a beta of 2.61. Continental Resources has a 1 year low of $6.90 and a 1 year high of $52.03. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.90 and a quick ratio of 0.82. The business’s 50 day moving average is $15.61 and its 200 day moving average is $27.34.

Continental Resources (NYSE:CLR) last issued its quarterly earnings results on Wednesday, February 26th. The oil and natural gas company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.03. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.13 billion. Continental Resources had a return on equity of 12.20% and a net margin of 16.75%. As a group, research analysts forecast that Continental Resources will post -1.08 earnings per share for the current fiscal year.

In other Continental Resources news, Director Timothy Garth Taylor bought 13,386 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were purchased at an average cost of $7.60 per share, for a total transaction of $101,733.60. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John T. Mcnabb II bought 3,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was acquired at an average price of $10.30 per share, for a total transaction of $30,900.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 156,086 shares of company stock worth $1,476,205. 77.03% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp increased its position in shares of Continental Resources by 16.6% during the 4th quarter. State Street Corp now owns 4,213,390 shares of the oil and natural gas company’s stock valued at $144,519,000 after purchasing an additional 600,633 shares during the period. Point72 Asset Management L.P. increased its position in shares of Continental Resources by 4.0% during the 4th quarter. Point72 Asset Management L.P. now owns 1,426,975 shares of the oil and natural gas company’s stock valued at $48,945,000 after purchasing an additional 54,760 shares during the period. Norges Bank acquired a new position in shares of Continental Resources during the 4th quarter valued at $43,231,000. Geode Capital Management LLC increased its position in shares of Continental Resources by 3.4% during the 4th quarter. Geode Capital Management LLC now owns 883,516 shares of the oil and natural gas company’s stock valued at $30,277,000 after purchasing an additional 29,030 shares during the period. Finally, Voya Investment Management LLC increased its position in shares of Continental Resources by 138.4% during the 3rd quarter. Voya Investment Management LLC now owns 842,672 shares of the oil and natural gas company’s stock valued at $25,946,000 after purchasing an additional 489,142 shares during the period. Hedge funds and other institutional investors own 19.84% of the company’s stock.

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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Analyst Recommendations for Continental Resources (NYSE:CLR)

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