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21,500 Shares in Continental Resources, Inc. (NYSE:CLR) Purchased by Catalyst Capital Advisors LLC

By August 31, 2019 No Comments

Catalyst Capital Advisors LLC bought a new position in shares of Continental Resources, Inc. (NYSE:CLR) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 21,500 shares of the oil and natural gas company’s stock, valued at approximately $905,000.

Other institutional investors have also bought and sold shares of the company. Heartland Advisors Inc. bought a new stake in shares of Continental Resources in the 2nd quarter valued at about $6,974,000. Allianz Asset Management GmbH increased its holdings in Continental Resources by 33.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 212,723 shares of the oil and natural gas company’s stock valued at $8,953,000 after purchasing an additional 52,728 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Continental Resources by 3.5% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 12,864 shares of the oil and natural gas company’s stock valued at $541,000 after purchasing an additional 430 shares during the period. Bridges Investment Management Inc. increased its holdings in Continental Resources by 38.7% during the 2nd quarter. Bridges Investment Management Inc. now owns 316,222 shares of the oil and natural gas company’s stock valued at $13,309,000 after purchasing an additional 88,242 shares during the period. Finally, C M Bidwell & Associates Ltd. purchased a new position in Continental Resources during the 2nd quarter valued at about $190,000. Institutional investors and hedge funds own 19.79% of the company’s stock.

In related news, CEO Harold Hamm bought 38,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average cost of $38.76 per share, with a total value of $1,496,136.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John T. Mcnabb II purchased 1,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $39.88 per share, with a total value of $39,880.00. The disclosure for this purchase can be found here. 77.03% of the stock is owned by corporate insiders.

CLR stock opened at $30.07 on Friday. The stock has a market capitalization of $10.69 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 0.94 and a beta of 1.65. Continental Resources, Inc. has a 12-month low of $28.04 and a 12-month high of $71.95. The company has a current ratio of 1.03, a quick ratio of 0.95 and a debt-to-equity ratio of 0.85. The stock’s 50 day simple moving average is $33.46 and its 200 day simple moving average is $40.59.

Continental Resources (NYSE:CLR) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.16 billion. Continental Resources had a net margin of 19.64% and a return on equity of 15.09%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $0.73 earnings per share. On average, research analysts predict that Continental Resources, Inc. will post 2.36 earnings per share for the current year.

Continental Resources announced that its Board of Directors has initiated a share buyback program on Monday, June 3rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the oil and natural gas company to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 7th will be issued a dividend of $0.05 per share. The ex-dividend date is Wednesday, November 6th. This represents a $0.20 annualized dividend and a dividend yield of 0.67%.

CLR has been the topic of a number of research analyst reports. Seaport Global Securities restated a “buy” rating on shares of Continental Resources in a report on Friday, June 21st. Royal Bank of Canada restated a “buy” rating and set a $52.00 price target on shares of Continental Resources in a report on Thursday, August 8th. Piper Jaffray Companies set a $49.00 price target on Continental Resources and gave the company a “buy” rating in a report on Friday, August 16th. Barclays reduced their price target on Continental Resources from $59.00 to $58.00 and set an “overweight” rating on the stock in a report on Tuesday, July 9th. Finally, TD Securities reduced their price target on Continental Resources from $51.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Continental Resources currently has a consensus rating of “Buy” and an average price target of $54.52.

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.

Read More: What does an outperform rating mean?

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Institutional Ownership by Quarter for Continental Resources (NYSE:CLR)

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