Continental Resources, Inc. explores for, develops, produces, and manages crude oil, natural gas, and related products 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. As of December 31, 2021, its proved reserves were 1,645 million barrels of crude oil equivalent (MMBoe) with proved developed reserves of 908 MMBoe. The company was founded in 1967 and is headquartered in Oklahoma City, Oklahoma.
Continental Resources Stock Performance
NYSE:CLR traded up $0.66 during mid-day trading on Wednesday, hitting $68.26. The stock had a trading volume of 629,327 shares, compared to its average volume of 1,830,600. The stock has a market capitalization of $24.78 billion, a price-to-earnings ratio of 8.41, a P/E/G ratio of 0.15 and a beta of 2.52. The company has a 50 day simple moving average of $66.58 and a 200-day simple moving average of $62.23. Continental Resources has a 52 week low of $32.15 and a 52 week high of $75.49. The company has a current ratio of 0.99, a quick ratio of 0.93 and a debt-to-equity ratio of 0.60.
Continental Resources (NYSE:CLR - Get Rating) last released its earnings results on Thursday, July 28th. The oil and natural gas company reported $3.47 EPS for the quarter, beating the consensus estimate of $3.05 by $0.42. The firm had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.66 billion. Continental Resources had a net margin of 37.73% and a return on equity of 40.32%. Continental Resources's quarterly revenue was up 114.6% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. On average, research analysts expect that Continental Resources will post 11.91 earnings per share for the current fiscal year.
Continental Resources Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, August 22nd. Shareholders of record on Monday, August 8th will be paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 5th. This represents a $1.12 annualized dividend and a yield of 1.64%. Continental Resources's payout ratio is 13.91%.
Analyst Upgrades and Downgrades
CLR has been the topic of a number of research analyst reports. Stifel Nicolaus downgraded shares of Continental Resources from a "buy" rating to a "hold" rating and reduced their price objective for the company from $107.00 to $70.00 in a research note on Tuesday, June 14th. Royal Bank of Canada downgraded shares of Continental Resources from an "outperform" rating to a "sector perform" rating and increased their price objective for the company from $75.00 to $80.00 in a research note on Wednesday, July 6th. Susquehanna Bancshares increased their price objective on shares of Continental Resources from $61.00 to $66.00 in a research note on Monday, April 25th. Morgan Stanley reduced their price objective on shares of Continental Resources from $69.00 to $67.00 and set an "underweight" rating on the stock in a research note on Tuesday, July 19th. Finally, Scotiabank downgraded shares of Continental Resources from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, August 1st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $69.29.