Continental Resources, Inc. (NYSE:CLR) Stock Position Boosted by Russell Investments Group Ltd.
Russell Investments Group Ltd. boosted its stake in Continental Resources, Inc. (NYSE:CLR) by 64.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,149 shares of the oil and natural gas company’s stock after buying an additional 34,220 shares during the period. Russell Investments Group Ltd.’s holdings in Continental Resources were worth $3,672,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its holdings in Continental Resources by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 769,765 shares of the oil and natural gas company’s stock valued at $30,937,000 after purchasing an additional 12,127 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Continental Resources by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 769,212 shares of the oil and natural gas company’s stock valued at $30,891,000 after purchasing an additional 18,662 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Continental Resources by 12.1% during the 1st quarter. Victory Capital Management Inc. now owns 45,966 shares of the oil and natural gas company’s stock worth $2,058,000 after acquiring an additional 4,954 shares during the last quarter. Stephens Inc. AR bought a new stake in shares of Continental Resources during the 1st quarter valued at $473,000. Finally, Nissay Asset Management Corp Japan ADV raised its position in Continental Resources by 3.6% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 8,442 shares of the oil and natural gas company’s stock valued at $378,000 after purchasing an additional 292 shares during the last quarter. Hedge funds and other institutional investors own 19.44% of the company’s stock.
A number of analysts have issued reports on CLR shares. Piper Jaffray Companies set a $49.00 target price on Continental Resources and gave the stock a “buy” rating in a research report on Friday, August 16th. Wells Fargo & Co cut their price objective on shares of Continental Resources from $55.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 12th. Royal Bank of Canada reissued a “buy” rating and set a $52.00 price objective on shares of Continental Resources in a report on Thursday, August 8th. BMO Capital Markets lowered shares of Continental Resources from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $46.00 to $45.00 in a report on Thursday, July 11th. Finally, Barclays cut their price objective on shares of Continental Resources from $59.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-five have assigned a buy rating to the company. Continental Resources has a consensus rating of “Buy” and an average target price of $54.52.
Continental Resources (NYSE:CLR) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.16 billion. Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.73 earnings per share. As a group, equities research analysts anticipate that Continental Resources, Inc. will post 2.33 EPS for the current fiscal year.
Continental Resources declared that its board has initiated a share repurchase plan on Monday, June 3rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the oil and natural gas company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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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