Wall Street brokerages predict that Continental Resources, Inc. (NYSE:CLR) will post $1.38 billion in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Continental Resources' earnings, with estimates ranging from $1.28 billion to $1.47 billion. Continental Resources reported sales of $692.37 million in the same quarter last year, which would suggest a positive year over year growth rate of 99.3%. The company is expected to report its next earnings report on Thursday, November 4th.
On average, analysts expect that Continental Resources will report full-year sales of $5.22 billion for the current financial year, with estimates ranging from $5.00 billion to $5.44 billion. For the next financial year, analysts anticipate that the business will post sales of $5.04 billion, with estimates ranging from $4.63 billion to $5.68 billion. Zacks Investment Research's sales calculations are a mean average based on a survey of sell-side research analysts that follow Continental Resources.
Continental Resources (NYSE:CLR) last released its quarterly earnings data on Sunday, August 1st. The oil and natural gas company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of $0.55 by $0.36. Continental Resources had a return on equity of 7.09% and a net margin of 9.47%. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $1.14 billion. During the same period last year, the firm posted ($0.71) earnings per share. The business's revenue was up 603.2% on a year-over-year basis.
Several analysts recently weighed in on the company. Wells Fargo & Company raised Continental Resources from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $39.26 to $45.00 in a report on Monday, August 23rd. Barclays cut Continental Resources from an "equal weight" rating to an "underweight" rating and lifted their price target for the stock from $25.00 to $33.00 in a report on Thursday, June 3rd. Truist lifted their price target on Continental Resources from $36.00 to $46.00 and gave the stock a "buy" rating in a report on Thursday, July 1st. They noted that the move was a valuation call. Morgan Stanley lifted their price target on Continental Resources from $33.00 to $34.00 and gave the stock an "underweight" rating in a report on Monday, August 23rd. Finally, Zacks Investment Research cut Continental Resources from a "strong-buy" rating to a "hold" rating and set a $37.00 price objective for the company. in a report on Tuesday, June 8th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $36.08.
Several large investors have recently made changes to their positions in CLR. Victory Capital Management Inc. lifted its stake in shares of Continental Resources by 4.5% in the 1st quarter. Victory Capital Management Inc. now owns 15,953 shares of the oil and natural gas company's stock valued at $413,000 after purchasing an additional 688 shares during the period. Commonwealth Equity Services LLC lifted its stake in shares of Continental Resources by 18.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 15,483 shares of the oil and natural gas company's stock valued at $400,000 after purchasing an additional 2,443 shares during the period. Envestnet Asset Management Inc. raised its stake in Continental Resources by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 163,253 shares of the oil and natural gas company's stock worth $4,223,000 after buying an additional 3,208 shares during the period. Edgestream Partners L.P. raised its stake in Continental Resources by 647.4% during the 1st quarter. Edgestream Partners L.P. now owns 108,180 shares of the oil and natural gas company's stock worth $2,799,000 after buying an additional 93,705 shares during the period. Finally, Harvest Investment Services LLC raised its stake in Continental Resources by 64.6% during the 1st quarter. Harvest Investment Services LLC now owns 38,205 shares of the oil and natural gas company's stock worth $988,000 after buying an additional 14,989 shares during the period. 13.14% of the stock is currently owned by institutional investors.
CLR opened at $43.27 on Friday. Continental Resources has a 12-month low of $11.09 and a 12-month high of $43.67. The stock has a market cap of $15.90 billion, a price-to-earnings ratio of 42.01, a PEG ratio of 1.14 and a beta of 3.37. The business has a 50 day moving average of $36.43 and a 200-day moving average of $32.63. The company has a quick ratio of 1.04, a current ratio of 1.11 and a debt-to-equity ratio of 0.68.
The business also recently declared a quarterly dividend, which was paid on Friday, August 20th. Shareholders of record on Tuesday, August 10th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Monday, August 9th. This is a positive change from Continental Resources's previous quarterly dividend of $0.11. Continental Resources's payout ratio is -51.28%.
About Continental Resources
Continental Resources, Inc engages in the exploration, development and production of crude oil and natural gas. The firm sells its crude oil and natural gas production to energy marketing companies, crude oil refining companies, and natural gas gathering and processing companies. The company was founded by Harold G.
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