Continental Resources (NYSE:CLR) announced that its board has approved a share buyback program on Monday, June 3rd, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The Buyback Letter

A number of equities research analysts have recently commented on CLR shares. TD Securities lowered their target price on Continental Resources from $57.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, February 20th. KeyCorp started coverage on Continental Resources in a research note on Tuesday, February 12th. They set an “overweight” rating and a $52.00 target price on the stock. Scotiabank reiterated a “buy” rating and set a $7.00 target price on shares of Continental Resources in a research note on Tuesday, March 12th. Zacks Investment Research upgraded Continental Resources from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, April 17th. Finally, ValuEngine cut Continental Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $63.50.

Shares of CLR opened at $35.01 on Tuesday. Continental Resources has a twelve month low of $34.61 and a twelve month high of $71.95. The stock has a market cap of $13.19 billion, a PE ratio of 12.33, a P/E/G ratio of 0.77 and a beta of 1.60. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 0.87.

Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Monday, April 29th. The oil and natural gas company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.11. Continental Resources had a return on equity of 16.71% and a net margin of 20.06%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the business posted $0.68 earnings per share. The company’s revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts predict that Continental Resources will post 2.79 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.57%.

In related news, CEO Harold Hamm purchased 191,828 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of $42.85 per share, for a total transaction of $8,219,829.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have bought 856,828 shares of company stock worth $36,783,980. Company insiders own 77.03% of the company’s stock.

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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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