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Zacks: Analysts Anticipate Continental Resources, Inc. (NYSE:CLR) Will Announce Quarterly Sales of $1.03 Billion

Last updated on Wednesday, May 5, 2021 | 2021 MarketBeat

Equities research analysts forecast that Continental Resources, Inc. (NYSE:CLR) will report sales of $1.03 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Continental Resources' earnings, with estimates ranging from $911.86 million to $1.10 billion. Continental Resources posted sales of $175.66 million during the same quarter last year, which suggests a positive year over year growth rate of 486.4%. The company is scheduled to report its next quarterly earnings report on Monday, August 2nd.

On average, analysts expect that Continental Resources will report full-year sales of $4.38 billion for the current year, with estimates ranging from $4.00 billion to $4.82 billion. For the next fiscal year, analysts anticipate that the company will post sales of $4.34 billion, with estimates ranging from $3.84 billion to $5.21 billion. Zacks' sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Continental Resources.

Continental Resources (NYSE:CLR) last posted its quarterly earnings data on Tuesday, April 27th. The oil and natural gas company reported $0.77 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.52 by $0.25. Continental Resources had a negative net margin of 10.54% and a negative return on equity of 2.05%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $922.45 million. During the same quarter last year, the firm posted ($0.08) EPS. The business's revenue for the quarter was up 38.0% on a year-over-year basis.

Several analysts recently commented on the stock. Bank of America restated a "neutral" rating on shares of Continental Resources in a report on Monday, March 22nd. MKM Partners upgraded shares of Continental Resources from a "neutral" rating to a "buy" rating and set a $34.00 price target for the company in a report on Tuesday, March 30th. The Goldman Sachs Group began coverage on shares of Continental Resources in a report on Tuesday, March 23rd. They set a "sell" rating and a $24.50 price target for the company. Raymond James raised shares of Continental Resources from a "market perform" rating to an "outperform" rating and set a $34.00 price objective on the stock in a research report on Thursday, April 29th. Finally, Truist raised their price objective on shares of Continental Resources from $26.00 to $36.00 in a research report on Friday, April 30th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company's stock. Continental Resources currently has a consensus rating of "Hold" and an average target price of $24.35.

Shares of CLR opened at $27.93 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.94 and a quick ratio of 0.85. The stock has a market cap of $10.27 billion, a price-to-earnings ratio of -32.48 and a beta of 3.37. The company has a 50-day moving average of $26.45 and a two-hundred day moving average of $20.75. Continental Resources has a one year low of $11.09 and a one year high of $32.39.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 24th. Stockholders of record on Monday, May 10th will be paid a $0.11 dividend. The ex-dividend date is Friday, May 7th. This is a boost from Continental Resources's previous quarterly dividend of $0.05. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.58%.

In other Continental Resources news, CFO John D. Hart sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, March 24th. The stock was sold at an average price of $26.63, for a total transaction of $199,725.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 79.60% of the company's stock.

Hedge funds have recently made changes to their positions in the company. Cowa LLC acquired a new stake in shares of Continental Resources during the fourth quarter valued at about $26,000. Contravisory Investment Management Inc. bought a new position in shares of Continental Resources during the first quarter worth about $29,000. AdvisorNet Financial Inc raised its position in shares of Continental Resources by 200.5% during the first quarter. AdvisorNet Financial Inc now owns 1,199 shares of the oil and natural gas company's stock worth $31,000 after acquiring an additional 800 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in Continental Resources by 277.7% in the first quarter. Meeder Asset Management Inc. now owns 1,390 shares of the oil and natural gas company's stock worth $36,000 after purchasing an additional 1,022 shares in the last quarter. Finally, Tompkins Financial Corp bought a new stake in Continental Resources in the fourth quarter worth approximately $60,000. 14.81% of the stock is currently owned by hedge funds and other institutional investors.

About Continental Resources

Continental Resources, Inc explores for, develops, and produces crude oil and natural gas 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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