Continental Resources, Inc. (NYSE: CLR – Get a rating) – Capital One Financial cut its earnings per share (EPS) estimates for the third quarter of 2022 for Continental Resources in a research note published Monday, July 18. Capital One Financial analyst P. Johnston now expects the oil and gas company to earn $2.54 per share for the quarter, down from its previous estimate of $2.56. The consensus estimate for Continental Resources’ current annual earnings is $11.95 per share. Capital One Financial also released estimates of Continental Resources’ earnings for fiscal year 2022 at $11.09 EPS and earnings for fiscal year 2023 at $9.10 EPS.
A number of other research companies have also weighed in on CLR recently. Citigroup downgraded Continental Resources from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $74.00 to $70.00 in a Friday, June 24 research note. StockNews.com downgraded Continental Resources from a “buy” rating to a “hold” rating in a Tuesday, May 10 report. Wells Fargo & Company downgraded Continental Resources from an “overweight” rating to an “equally weighted” rating and set a target price of $82.00 for the company. in a Wednesday, June 15 research report. Royal Bank of Canada downgraded Continental Resources from an ‘outperforming’ rating to an ‘sector outperforming’ rating and raised its price target for the company from $75.00 to $80.00 in a report research on Wednesday, July 6. Finally, Piper Sandler lowered her price target on Continental Resources to $76.00 and set an “na” rating for the company in a Wednesday, May 18 research report. Two investment analysts have assigned the stock a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $69.85.
Stock of continental resources up 2.4%
Continental Resources shares opened at $64.69 on Tuesday. The stock has a 50-day moving average price of $65.21 and a 200-day moving average price of $59.89. The company has a market capitalization of $23.48 billion, a P/E ratio of 11.78, a P/E/G ratio of 0.14 and a beta of 2.62. The company has a current ratio of 0.95, a quick ratio of 0.88 and a debt ratio of 0.79. Continental Resources has a 1-year low of $31.40 and a 1-year high of $75.49.
Continental Resources (NYSE: CLR – Get a rating) last announced its results on Wednesday, May 4. The oil and gas company reported earnings per share of $2.65 for the quarter, beating the consensus estimate of $2.41 by $0.24. Continental Resources had a return on equity of 31.43% and a net margin of 31.63%. The company posted revenue of $1.82 billion in the quarter, versus $2.16 billion expected by analysts. In the same quarter last year, the company posted earnings per share of $0.77. The company’s quarterly revenue increased 49.4% year over year.
Continental Resources increases its dividend
The company also recently declared a quarterly dividend, which was paid on Monday, May 23. Shareholders of record on Monday, May 9 received a dividend of $0.28 per share. This represents an annualized dividend of $1.12 and a yield of 1.73%. This is a positive change from Continental Resources’ previous quarterly dividend of $0.23. The ex-dividend date was Friday, May 6. Continental Resources’ dividend payout ratio is currently 20.40%.
Hedge funds weigh on continental resources
Hedge funds and other institutional investors have recently changed their holdings in the company. Lazard Asset Management LLC bought a new position in Continental Resources in the first quarter worth about $26,000. Acadian Asset Management LLC purchased a new stake in Continental Resources stock during the first quarter valued at approximately $36,000. Atlas Capital Advisors LLC acquired a new stake in Continental Resources in the first quarter for a value of approximately $47,000. Steward Partners Investment Advisory LLC increased its position in Continental Resources by 507.8% in the first quarter. Steward Partners Investment Advisory LLC now owns 778 shares of the oil and gas company worth $48,000 after acquiring an additional 650 shares during the period. Finally, Bellwether Advisors LLC bought a new position in Continental Resources in the fourth quarter worth about $44,000. 13.41% of the shares are held by institutional investors.
About Continental Resources
Continental Resources, Inc explores, develops, produces and manages crude oil, natural gas and related products primarily in the northern, southern and eastern 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.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Continental Resources right now?
Before you consider Continental Resources, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Continental Resources was not on the list.
Although Continental Resources currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here