TD Asset Management Inc. acquired a new position in Continental Resources Inc. (NYSE:CLR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,145 shares of the company’s stock, valued at approximately $278,000.
A number of other hedge funds also recently modified their holdings of CLR. TIAA CREF Investment Management LLC raised its stake in shares of Continental Resources by 5.0% in the first quarter. TIAA CREF Investment Management LLC now owns 2,469,260 shares of the company’s stock worth $74,967,000 after buying an additional 116,695 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Continental Resources by 11.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,311,036 shares of the company’s stock worth $70,163,000 after buying an additional 242,847 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of Continental Resources by 42.8% in the first quarter. Teachers Advisors Inc. now owns 2,061,607 shares of the company’s stock worth $62,590,000 after buying an additional 618,157 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Continental Resources by 90.9% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,575,000 shares of the company’s stock worth $47,817,000 after buying an additional 750,000 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Continental Resources during the fourth quarter worth approximately $24,842,000. 23.41% of the stock is owned by hedge funds and other institutional investors.
Continental Resources Inc. (NYSE:CLR) traded up 0.37% on Monday, reaching $45.60. The company had a trading volume of 2,463,083 shares. The stock’s market capitalization is $16.89 billion. The stock’s 50 day moving average price is $47.09 and its 200-day moving average price is $39.94. Continental Resources Inc. has a 12-month low of $13.94 and a 12-month high of $51.99.
Continental Resources (NYSE:CLR) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.17) by $0.01. The company earned $525.70 million during the quarter, compared to analysts’ expectations of $518.42 million. Continental Resources had a negative return on equity of 7.57% and a negative net margin of 24.96%. The firm’s revenue for the quarter was down 33.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.13 EPS. Equities analysts expect that Continental Resources Inc. will post ($0.78) earnings per share for the current fiscal year.
A number of analysts have commented on CLR shares. Wunderlich boosted their price objective on Continental Resources from $50.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, August 19th. Credit Suisse Group AG initiated coverage on Continental Resources in a report on Monday, June 6th. They set a “neutral” rating and a $43.00 price objective for the company. Scotiabank upped their target price on Continental Resources from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, June 22nd. Zacks Investment Research raised Continental Resources from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Monday, July 18th. Finally, Royal Bank Of Canada upped their target price on Continental Resources from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Continental Resources presently has an average rating of “Buy” and an average price target of $43.92.
In other news, SVP Eric Spencer Eissenstat sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $45.35, for a total transaction of $453,500.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jack H. Stark sold 12,000 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $49.24, for a total transaction of $590,880.00. The disclosure for this sale can be found here. 76.97% of the stock is currently owned by company insiders.
About Continental Resources
Continental Resources, Inc is an independent crude oil and natural gas exploration and production company with properties in the North, South and East regions of the United States. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken and the Red River units.
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