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Continental Resources Inc (NYSE:CLR) sets new 12-month record for analyst upgrade

Shares of Continental Resources, Inc. (NYSE:CLR – Get Rating) hit a new 52-week high in Friday’s midday session after KeyCorp raised its price target on the stock from $61.00 to $63.00. KeyCorp currently has an overweight rating on the stock. Continental Resources traded as low as $60.60 and last traded at $60.19, with volume traded at 28,484 shares. The stock previously closed at $58.10.

Several other research analysts have also recently published reports on the CLR. Scotiabank upgraded Continental Resources shares from an ‘sector outperformer’ rating to an ‘sector outperformer’ rating and set a price target of $58.00 for the company in a Wednesday 17 report. November. Barclays reiterated a “sell” rating and set a price target of $41.00 (vs. $43.00) on Continental Resources shares in a Friday, Dec. 24 research report. Royal Bank of Canada has upgraded Continental Resources from an “sector performance” rating to an “outperform” rating and set a price target of $70.00 for the company in a Monday, February 7, report. Morgan Stanley lowered its price target on Continental Resources from $57.00 to $53.00 and set an “underweight” rating on the stock in a Tuesday, January 25 report. Finally, Raymond James raised his price target on Continental Resources shares from $60.00 to $70.00 and gave the company a “market outperforming” rating in a Tuesday, January 25 report. Three investment analysts gave the stock a sell rating, ten gave the company a hold rating and eight gave the company a buy rating. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $53.58.

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Hedge funds and other institutional investors have recently changed their stakes in the company. Royal Bank of Canada increased its holdings of Continental Resources shares by 111.9% during the second quarter. Royal Bank of Canada now owns 260,222 shares of the oil and gas company valued at $9,896,000 after buying an additional 137,432 shares in the last quarter. Amalgamated Bank increased its position in Continental Resources by 76.1% in the second quarter. Amalgamated Bank now owns 14,549 shares in the oil and gas company worth $553,000 after acquiring 6,286 more shares last quarter. AQR Capital Management LLC bought a new position in shares of Continental Resources during the 2nd quarter at a value of $3,862,000. Price T Rowe Associates Inc. MD increased its holdings in Continental Resources by 5.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 38,690 shares of the oil and gas company worth $1,471,000 after buying 1,907 additional shares last quarter. Finally, Metropolitan Life Insurance Co NY bought a new stake in Continental Resources in the second quarter worth $63,000. Hedge funds and other institutional investors hold 13.41% of the company’s shares.

The company has a market capitalization of $21.80 billion, a price/earnings ratio of 13.00, a PEG ratio of 0.28 and a beta of 2.89. The company has a 50-day simple moving average of $52.04 and a two-hundred-day simple moving average of $47.34. The company has a quick ratio of 0.97, a current ratio of 1.04 and a leverage ratio of 0.87.

Continental Resources (NYSE:CLR – Get Rating) last released its results on Sunday, February 13. The oil and gas company reported earnings per share (EPS) of $1.79 for the quarter, beating the Zacks consensus estimate of $1.70 by $0.09. The company posted revenue of $1.93 billion for the quarter, compared to analysts’ estimates of $1.71 billion. Continental Resources had a return on equity of 23.67% and a net margin of 29.04%. The company’s revenue increased 130.0% year over year. During the same quarter last year, the company posted ($0.23) EPS. As a group, stock analysts expect Continental Resources, Inc. to post earnings per share of 7.61 for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 4. Shareholders of record on Tuesday, February 22 will receive a dividend of $0.23. This represents an annualized dividend of $0.92 and a yield of 1.54%. This is a positive change from Continental Resources’ previous quarterly dividend of $0.20. The ex-date of this dividend is Friday, February 18. Continental Resources’ dividend payout ratio (DPR) is currently 20.18%.

About Continental Resources (NYSE: CLR)

Continental Resources, Inc is an independent petroleum producer engaged in the exploration, development and production of crude oil and natural gas. The company’s activities include horizontal drilling and groundwater protection. The company was founded by Harold G. Hamm in 1967 and is based in Oklahoma City, OK.

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