Continental Resources (CLR) is Downgraded by KLR Group to Accumulate, Raises Price Target to $ 54

Continental Resources (CLR) was Downgraded by KLR Group to ” Accumulate” according to the research note released today. The brokerage firm has raised the Price Target to $ 54 from a previous price target of $48 . Earlier the firm had a rating of “Buy ” on the company shares. KLR Group advised their investors in a research report released on Jul 18, 2016.

Many Wall Street Analysts have commented on Continental Resources. Continental Resources was Initiated by Credit Suisse to “Neutral” on Jun 6, 2016. Continental Resources was Downgraded by Scotia Howard Weil to ” Sector Outperform” on May 16, 2016. Company shares were Reiterated by Wunderlich on May 6, 2016 to “Buy”, Firm has raised the Price Target to $ 50 from a previous price target of $40 .

On the company’s financial health, Continental Resources reported $-0.41 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $-0.37. The company had revenue of $453.17 million for the quarter, compared to analysts expectations of $442.74 million. The company’s revenue was down -27.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.09 EPS.

Continental Resources opened for trading at $45.57 and hit $46.3 on the upside on Friday, eventually ending the session at $45.96, with a gain of 1.41% or 0.64 points. The heightened volatility saw the trading volume jump to 30,36,785 shares. Company has a market cap of $17,215 M.

In a different news, on Jul 1, 2016, Harold Hamm (CEO & Chairman) sold 1.80505408E8 shares at $19.39 per share price. According to the SEC, on Jun 24, 2016, Eric Spencer Eissenstat (SVP, GC, CRO & Secretary) sold 10,000 shares at $45.35 per share price. On Jun 22, 2016, Glen A Brown (SVP, Exploration) sold 8,977 shares at $43.23 per share price, according to the Form-4 filing with the securities and exchange commission.

Continental Resources Inc. is an independent crude oil and natural gas exploration and production company. The Company owns 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. The Bakken field of North Dakota and Montana is a crude oil resource play. The South region includes Kansas and all properties south of Kansas and west of the Mississippi River including various plays in the South Central Oklahoma Oil Province (SCOOP) Northwest Cana and Arkoma areas of Oklahoma. The East region comprises undeveloped leasehold acreage east of the Mississippi River.

Continental Resources

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