Continental Resources (NYSE:CLR) hits new 52-week high after analysts upgrade

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Continental Resources, Inc. (NYSE:CLR – Get Rating) stock price hit a new 52-week high in the midday session on Tuesday after Barclays raised its price target on the stock by 67 $.00 to $77.00. The company traded as high as $74.90 and last traded at $73.70, with volume of 37,948 shares changing hands. The stock previously closed at $64.50.

A number of other analysts also weighed in on CLR. Morgan Stanley cut its price target on Continental Resources shares from $70.00 to $69.00 and set an “underweight” rating for the company in a Monday, June 6 research note. TD Securities raised its price target on Continental Resources shares from $50.00 to $61.00 and gave the company a “holding” rating in a Tuesday, February 15 report. Truist Financial raised its price target on Continental Resources shares from $80.00 to $95.00 in a Thursday, April 21 research note. Mizuho raised its price target on Continental Resources shares from $59.00 to $72.00 and gave the company a “neutral” rating in a Thursday, March 31 research note. Finally, Susquehanna raised its price target on Continental Resources shares from $61.00 to $66.00 in a Monday, April 25 research note. Two research analysts gave the stock a sell rating, six gave the company a hold rating and eight gave the company a buy rating. Based on data from MarketBeat.com, Continental Resources currently has a consensus rating of “Hold” and an average target price of $68.28.

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Separately, Chairman Jack H. Stark sold 25,000 shares of the company in a trade on Friday, March 25. The shares were sold at an average price of $64.23, for a total transaction of $1,605,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. 58.57% of the shares are currently held by company insiders.

Institutional investors have recently changed their stake in the company. Lazard Asset Management LLC acquired a new stake in Continental Resources in Q1 worth $26,000. Acadian Asset Management LLC acquired a new position in shares of Continental Resources in Q1 worth $36,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Continental Resources in Q4 worth $29,000. Atlas Capital Advisors LLC acquired a new position in shares of Continental Resources in Q1 worth $47,000. Finally, Steward Partners Investment Advisory LLC increased its stake in Continental Resources shares by 507.8% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 778 shares of the oil and gas company valued at $48,000 after buying an additional 650 shares last quarter. 13.41% of the shares are held by hedge funds and other institutional investors.

The company has a market capitalization of $26.98 billion, a price-earnings ratio of 13.52, a PEG ratio of 0.16 and a beta of 2.75. The company has a debt ratio of 0.79, a quick ratio of 0.88 and a current ratio of 0.95. The company’s 50-day moving average price is $62.61 and its 200-day moving average price is $56.17.

Continental Resources (NYSE:CLR – Get Rating) last reported results on Wednesday, May 4. The oil and gas company reported earnings per share (EPS) of $2.65 for the quarter, beating analysts’ consensus estimate of $2.41 by $0.24. The company posted revenue of $1.82 billion in the quarter, versus $2.16 billion expected by analysts. Continental Resources posted a net margin of 31.63% and a return on equity of 31.43%. The company’s revenue for the quarter increased 49.4% year over year. During the same quarter last year, the company posted EPS of $0.77. On average, equity research analysts expect Continental Resources, Inc. to post earnings per share of 12.09 for the current fiscal year.

The company also recently announced 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 is an increase from Continental Resources’ previous quarterly dividend of $0.23. This represents an annualized dividend of $1.12 and a yield of 1.51%. The ex-dividend date was Friday, May 6. Continental Resources’ dividend payout ratio (DPR) is 20.40%.

About Continental Resources (NYSE: CLR)

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.

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