Zacks: Brokerages Anticipate Continental Resources, Inc. (NYSE:CLR) Will Post Quarterly Sales of $258.47 Million

Brokerages expect that Continental Resources, Inc. (NYSE:CLR) will post sales of $258.47 million for the current quarter, according to Zacks. Seven analysts have issued estimates for Continental Resources’ earnings. The highest sales estimate is $357.00 million and the lowest is $164.54 million. Continental Resources reported sales of $1.21 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 78.6%. The company is expected to announce its next earnings results on Monday, August 3rd.

On average, analysts expect that Continental Resources will report full-year sales of $2.24 billion for the current financial year, with estimates ranging from $2.01 billion to $2.56 billion. For the next 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’ sales averages are a mean average based on a survey of research firms that follow Continental Resources.

Continental Resources (NYSE:CLR) last posted its quarterly earnings data 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 return on equity of 8.60% and a net margin of 9.18%. The company had revenue of $880.80 million for the quarter, compared to analysts’ expectations of $843.57 million. During the same period in the prior year, the company posted $0.58 EPS. The firm’s revenue was down 21.7% compared to the same quarter last year.

A number of analysts have recently weighed in on the company. MKM Partners lowered Continental Resources from a “buy” rating to a “neutral” rating and set a $19.00 price objective on the stock. in a research report on Tuesday, June 9th. Siebert Williams Shank started coverage on shares of Continental Resources in a research note on Monday, June 15th. They set a “hold” rating and a $18.00 target price for the company. Wells Fargo & Co boosted their target price on shares of Continental Resources from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday. Morgan Stanley boosted their target price on shares of Continental Resources from $5.50 to $8.00 and gave the stock an “underweight” rating in a research note on Tuesday, May 19th. Finally, UBS Group lowered their target price 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. 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 company’s stock. Continental Resources presently has a consensus rating of “Hold” and a consensus price target of $21.28.

In other Continental Resources news, Director Timothy Garth Taylor bought 7,265 shares of Continental Resources stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $13.64 per share, with a total value of $99,094.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Harold Hamm purchased 1,300,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were purchased 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 bought 2,531,739 shares of company stock valued at $41,703,663 over the last ninety days. Corporate insiders own 79.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new position in Continental Resources during the fourth quarter worth about $4,768,000. Robeco Institutional Asset Management B.V. raised its holdings in Continental Resources by 17.4% during 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. Banque Cantonale Vaudoise purchased a new position in Continental Resources during the fourth quarter worth about $85,000. PNC Financial Services Group Inc. increased 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 buying an additional 2,182 shares in the last quarter. Finally, ProShare Advisors LLC purchased a new position in Continental Resources in the fourth quarter valued at about $204,000. 21.11% of the stock is owned by hedge funds and other institutional investors.

Shares of Continental Resources stock traded down $1.18 during trading hours on Friday, reaching $15.10. 4,008,472 shares of the company were exchanged, compared to its average volume of 5,687,587. Continental Resources has a 1 year low of $6.90 and a 1 year high of $43.57. The stock’s fifty day moving average is $15.29 and its 200 day moving average is $20.44. 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 PE 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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