Analysts Anticipate Continental Resources, Inc. (NYSE:CLR) Will Announce Quarterly Sales of $258.47 Million

Wall Street brokerages expect Continental Resources, Inc. (NYSE:CLR) to post sales of $258.47 million for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Continental Resources’ earnings. The lowest sales estimate is $164.54 million and the highest is $357.00 million. Continental Resources reported sales of $1.21 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 78.6%. The firm is expected to report its next quarterly earnings results on Monday, August 3rd.

According to Zacks, analysts expect that Continental Resources will report full-year sales of $2.24 billion for the current year, with estimates ranging from $2.01 billion to $2.56 billion. For the next year, analysts anticipate that the company will post sales of $2.81 billion, with estimates ranging from $2.31 billion to $4.11 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Continental Resources.

Continental Resources (NYSE:CLR) last released its quarterly earnings results on Monday, May 11th. The oil and natural gas company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.05). Continental Resources had a net margin of 9.18% and a return on equity of 8.60%. The business had revenue of $880.80 million during the quarter, compared to analyst estimates of $843.57 million. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The firm’s quarterly revenue was down 21.7% on a year-over-year basis.

A number of equities research analysts have recently weighed in on the stock. Stephens downgraded shares of Continental Resources from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $38.00 to $12.00 in a research report on Friday, March 20th. Cfra lowered their price objective on shares of Continental Resources from $21.00 to $8.00 and set a “sell” rating for the company in a research report on Monday, March 9th. Wolfe Research lowered Continental Resources to an “underperform” rating in a research note on Thursday, April 2nd. ValuEngine raised Continental Resources from a “sell” rating to a “hold” rating in a report on Tuesday, April 7th. Finally, Tudor Pickering lowered Continental Resources from a “hold” rating to a “sell” rating in a research note on Monday, May 4th. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $21.28.

In other Continental Resources news, Director Timothy Garth Taylor purchased 7,265 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was purchased at an average cost of $13.64 per share, for a total transaction of $99,094.60. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Harold Hamm acquired 1,300,000 shares of the stock in a transaction dated Wednesday, June 24th. The stock was acquired at an average cost of $16.01 per share, with a total value of $20,813,000.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,531,739 shares of company stock valued at $41,703,663 in the last three months. Insiders own 79.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. increased its holdings in Continental Resources by 17.4% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 2,440 shares of the oil and natural gas company’s stock worth $83,000 after purchasing an additional 362 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Continental Resources by 0.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 54,669 shares of the oil and natural gas company’s stock valued at $1,875,000 after acquiring an additional 505 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Continental Resources during the fourth quarter valued at approximately $4,768,000. Rhumbline Advisers grew its holdings in Continental Resources by 1.0% during the fourth quarter. Rhumbline Advisers now owns 72,621 shares of the oil and natural gas company’s stock worth $2,491,000 after buying an additional 740 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in Continental Resources by 7.8% during the fourth quarter. Amalgamated Bank now owns 11,480 shares of the oil and natural gas company’s stock worth $394,000 after buying an additional 834 shares in the last quarter. 21.11% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE CLR traded down $1.18 during midday trading on Friday, reaching $15.10. The company’s stock had a trading volume of 4,008,472 shares, compared to its average volume of 5,687,587. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.14 and a current ratio of 1.20. Continental Resources has a fifty-two week low of $6.90 and a fifty-two week high of $43.57. The business’s 50 day moving average price is $15.29 and its two-hundred day moving average price is $20.44. The company has a market cap of $5.51 billion, a P/E ratio of 9.44 and a beta of 3.42.

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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