Continental Resources, Inc. (NYSE:CLR) Expected to Announce Quarterly Sales of $258.47 Million

Brokerages expect Continental Resources, Inc. (NYSE:CLR) to announce sales of $258.47 million for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Continental Resources’ earnings, with the lowest sales estimate coming in at $164.54 million and the highest estimate coming in at $357.00 million. Continental Resources posted sales of $1.21 billion in the same quarter last year, which would indicate a negative year over year growth rate of 78.6%. The company is scheduled to issue 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 fiscal year, with estimates ranging from $2.01 billion to $2.56 billion. For the next financial year, analysts forecast that the business will report sales of $2.81 billion, with estimates ranging from $2.31 billion to $4.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Continental Resources.

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

CLR has been the subject of several research reports. UBS Group decreased their price target on shares of Continental Resources from $39.00 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, March 31st. Cfra reduced 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. SunTrust Banks reduced their price objective on shares of Continental Resources from $15.00 to $12.00 and set a “hold” rating for the company in a research report on Thursday, April 16th. Siebert Williams Shank began coverage on Continental Resources in a report on Monday, June 15th. They set a “hold” rating and a $18.00 target price for the company. Finally, Wolfe Research downgraded Continental Resources to an “underperform” rating in a report on Thursday, April 2nd. Six 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 company’s stock. The stock has an average rating of “Hold” and an average price target of $21.28.

In related news, Director Timothy Garth Taylor bought 7,265 shares of Continental Resources stock in a transaction that occurred on Thursday, May 28th. The shares were acquired at an average cost of $13.64 per share, for a total transaction of $99,094.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Harold Hamm bought 1,224,474 shares of Continental Resources stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average price of $16.98 per share, for a total transaction of $20,791,568.52. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 2,531,739 shares of company stock worth $41,703,663. Company insiders own 79.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in CLR. PNC Financial Services Group Inc. boosted its holdings in Continental Resources by 80.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,909 shares of the oil and natural gas company’s stock valued at $38,000 after acquiring an additional 2,182 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake 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 valued at $83,000 after buying an additional 362 shares during the period. Banque Cantonale Vaudoise acquired a new position in Continental Resources in the fourth quarter valued at approximately $85,000. IFM Investors Pty Ltd lifted its stake in Continental Resources by 52.4% in the first quarter. IFM Investors Pty Ltd now owns 10,989 shares of the oil and natural gas company’s stock valued at $85,000 after buying an additional 3,777 shares during the period. Finally, Wetherby Asset Management Inc. acquired a new position in Continental Resources in the first quarter valued at approximately $95,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

CLR stock traded down $1.18 during mid-day trading on Friday, hitting $15.10. 4,008,472 shares of the company were exchanged, 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. The firm has a market cap of $5.51 billion, a P/E ratio of 9.44 and a beta of 3.42. The firm’s 50 day simple moving average is $15.29 and its 200 day simple moving average is $20.44. Continental Resources has a 1-year low of $6.90 and a 1-year high of $43.57.

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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