SunTrust Banks Analysts Decrease Earnings Estimates for Continental Resources, Inc. (CLR)
Continental Resources, Inc. (NYSE:CLR) – Equities researchers at SunTrust Banks dropped their Q1 2019 earnings estimates for shares of Continental Resources in a note issued to investors on Wednesday, April 17th. SunTrust Banks analyst N. Dingmann now anticipates that the oil and natural gas company will post earnings per share of $0.32 for the quarter, down from their previous estimate of $0.52. SunTrust Banks also issued estimates for Continental Resources’ Q4 2019 earnings at $0.78 EPS, FY2020 earnings at $3.08 EPS and FY2021 earnings at $3.40 EPS.
Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Monday, February 18th. The oil and natural gas company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.07). Continental Resources had a net margin of 20.99% and a return on equity of 18.28%. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm earned $0.41 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis.
Shares of NYSE:CLR opened at $49.85 on Friday. Continental Resources has a 1 year low of $35.54 and a 1 year high of $71.95. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.90. The stock has a market cap of $18.74 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46.
In related news, CEO Harold Hamm purchased 600,000 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were purchased at an average cost of $42.98 per share, with a total value of $25,788,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders bought 1,675,805 shares of company stock worth $73,335,967. Insiders own 76.83% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CLR. Morgan Stanley lifted its stake in shares of Continental Resources by 12.3% during the third quarter. Morgan Stanley now owns 1,695,983 shares of the oil and natural gas company’s stock worth $115,802,000 after buying an additional 185,580 shares during the period. Norges Bank purchased a new stake in Continental Resources in the fourth quarter valued at approximately $52,621,000. Bank of New York Mellon Corp grew its holdings in Continental Resources by 26.7% in the fourth quarter. Bank of New York Mellon Corp now owns 1,220,703 shares of the oil and natural gas company’s stock valued at $49,059,000 after purchasing an additional 257,350 shares during the period. Northern Trust Corp grew its holdings in Continental Resources by 4.7% in the fourth quarter. Northern Trust Corp now owns 828,055 shares of the oil and natural gas company’s stock valued at $33,280,000 after purchasing an additional 37,093 shares during the period. Finally, American Century Companies Inc. grew its holdings in Continental Resources by 142.6% in the fourth quarter. American Century Companies Inc. now owns 823,493 shares of the oil and natural gas company’s stock valued at $33,096,000 after purchasing an additional 484,089 shares during the period. 21.54% of the stock is currently owned by hedge funds and other institutional investors.
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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