Columbia Pacific Advisors Lowers stake in Continental Resources (CLR)

Continental Resources (CLR) : Columbia Pacific Advisors reduced its stake in Continental Resources by 25.94% during the most recent quarter end. The investment management company now holds a total of 62,273 shares of Continental Resources which is valued at $2,912,508 after selling 21,816 shares in Continental Resources , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Continental Resources makes up approximately 2.39% of Columbia Pacific Advisors’s portfolio.

Other Hedge Funds, Including , Point72 Asia (hong Kong) Ltd added CLR to its portfolio by purchasing 10,096 company shares during the most recent quarter which is valued at $472,190. Continental Resources makes up approx 0.26% of Point72 Asia (hong Kong) Ltd’s portfolio. Riverhead Capital Management added CLR to its portfolio by purchasing 10,200 company shares during the most recent quarter which is valued at $482,358. Continental Resources makes up approx 0.03% of Riverhead Capital Management’s portfolio.

Continental Resources opened for trading at $50.21 and hit $51.695 on the upside on Monday, eventually ending the session at $51.07, with a gain of 2.90% or 1.44 points. The heightened volatility saw the trading volume jump to 36,64,295 shares. Company has a market cap of $19,127 M.

On the company’s financial health, Continental Resources reported $-0.22 EPS for the quarter, missing the analyst consensus estimate by $ -0.06 based on the information available during the earnings call on Nov 2, 2016. Analyst had a consensus of $-0.16. The company had revenue of $526.20 million for the quarter, compared to analysts expectations of $553.74 million. The company’s revenue was down -22.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.12 EPS.

Many Wall Street Analysts have commented on Continental Resources. Continental Resources was Initiated by Citigroup to “Buy” on Oct 31, 2016. Company shares were Upgraded by Barclays on Oct 17, 2016 to ” Overweight”, Firm has raised the Price Target to $ 60 from a previous price target of $48 .Company shares were Reiterated by Wunderlich on Aug 19, 2016 to “Buy”, Firm has raised the Price Target to $ 59 from a previous price target of $50 .

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.

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