Wall Street brokerages predict that Continental Resources, Inc. (NYSE:CLR) will post sales of $258.47 million for the current quarter, Zacks Investment Research reports. Seven analysts have made 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 posted 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 quarterly earnings results on Monday, August 3rd.
On average, analysts expect that Continental Resources will report full year sales of $2.24 billion for the current financial year, with estimates ranging from $2.01 billion to $2.56 billion. For the next fiscal year, analysts expect 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 calculations are a mean average based on a survey of research analysts that cover Continental Resources.
Continental Resources (NYSE:CLR) last released its quarterly earnings results on Monday, May 11th. The oil and natural gas company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 company had revenue of $880.80 million for the quarter, compared to the consensus estimate of $843.57 million. During the same period in the prior year, the firm posted $0.58 EPS. The business’s revenue for the quarter was down 21.7% on a year-over-year basis.
Shares of NYSE CLR traded down $1.18 during mid-day 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. The firm has a market capitalization of $5.51 billion, a PE ratio of 9.44 and a beta of 3.42. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.20 and a quick ratio of 1.14. The stock has a fifty day moving average of $15.29 and a two-hundred day moving average of $20.44. Continental Resources has a 52 week low of $6.90 and a 52 week high of $43.57.
In related news, Chairman Harold Hamm bought 1,224,474 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $16.98 per share, with a total value of $20,791,568.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Timothy Garth Taylor bought 7,265 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $13.64 per share, for a total transaction of $99,094.60. The disclosure for this purchase can be found here. In the last three months, insiders purchased 2,531,739 shares of company stock worth $41,703,663. 79.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLR. New York State Common Retirement Fund raised its holdings in Continental Resources by 13.0% during the fourth quarter. New York State Common Retirement Fund now owns 283,300 shares of the oil and natural gas company’s stock worth $9,717,000 after purchasing an additional 32,600 shares in the last quarter. Rhumbline Advisers lifted its position in Continental Resources by 1.0% in the 4th quarter. Rhumbline Advisers now owns 72,621 shares of the oil and natural gas company’s stock valued at $2,491,000 after purchasing an additional 740 shares during the last quarter. State Street Corp lifted its position in Continental Resources by 16.6% in the 4th quarter. State Street Corp now owns 4,213,390 shares of the oil and natural gas company’s stock valued at $144,519,000 after purchasing an additional 600,633 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position 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 last quarter. Finally, Victory Capital Management Inc. lifted its position in Continental Resources by 1.4% in the 4th quarter. Victory Capital Management Inc. now owns 177,903 shares of the oil and natural gas company’s stock valued at $6,102,000 after purchasing an additional 2,530 shares during the last quarter. 21.11% of the stock is currently owned by institutional investors and hedge funds.
About Continental Resources
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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