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

Analysts expect that Continental Resources, Inc. (NYSE:CLR) will post $258.47 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Continental Resources’ earnings, with the highest sales estimate coming in at $357.00 million and the lowest estimate coming in at $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 business is scheduled to issue its next 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 business will report sales of $2.81 billion, with estimates ranging from $2.31 billion to $4.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for 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 the Zacks’ consensus estimate 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 the consensus estimate of $843.57 million. During the same quarter in the prior year, the firm earned $0.58 EPS. The business’s revenue was down 21.7% on a year-over-year basis.

CLR has been the topic of several research reports. Imperial Capital boosted their price target on Continental Resources from $14.00 to $18.00 and gave the stock an “in-line” rating in a report on Tuesday, June 23rd. Piper Sandler cut Continental Resources from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $50.00 to $3.00 in a report on Tuesday, March 24th. Citigroup boosted their price target on Continental Resources from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. SunTrust Banks reduced their price target on Continental Resources from $15.00 to $12.00 and set a “hold” rating on the stock in a report on Thursday, April 16th. Finally, Wolfe Research cut Continental Resources to an “underperform” rating in a report on Thursday, April 2nd. Six equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Continental Resources currently has an average rating of “Hold” and an average target price of $21.28.

Continental Resources stock 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. Continental Resources has a 52 week low of $6.90 and a 52 week high of $43.57. The company has a current ratio of 1.20, a quick ratio of 1.14 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average price of $15.29 and a 200-day moving average price of $20.44. The stock has a market cap of $5.51 billion, a PE ratio of 9.44 and a beta of 3.42.

In related news, Chairman Harold Hamm purchased 1,300,000 shares of the stock in a transaction that occurred on 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 purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Timothy Garth Taylor purchased 7,265 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average cost of $13.64 per share, with a total value of $99,094.60. The disclosure for this purchase can be found here. Insiders have bought 2,531,739 shares of company stock worth $41,703,663 over the last ninety days. 79.60% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in CLR. PNC Financial Services Group Inc. grew its stake in Continental Resources by 80.0% in the 1st 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 purchasing an additional 2,182 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Continental Resources by 17.4% in the 4th 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 purchasing an additional 362 shares during the period. Banque Cantonale Vaudoise bought a new position in Continental Resources in the 4th quarter valued at $85,000. IFM Investors Pty Ltd grew its stake in Continental Resources by 52.4% in the 1st quarter. IFM Investors Pty Ltd now owns 10,989 shares of the oil and natural gas company’s stock valued at $85,000 after purchasing an additional 3,777 shares during the period. Finally, Wetherby Asset Management Inc. bought a new position in Continental Resources in the 1st quarter valued at $95,000. Hedge funds and other institutional investors own 21.11% of the company’s stock.

Continental Resources Company Profile

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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