KeyBanc upgrades Continental Resources Inc. [CLR] to an Overweight rating with a $20 price target

KeyBanc took its Continental Resources Inc. [CLR]‎‎ rating to the equivalent of Overweight from Sector ‎Weight, ‎and the price target to $20, ‎in a research note dated December 29, 2020. That figure ‎represents around a 23% premium ‎from ‎where the company’s shares closed on Monday.‎ Other ‎analysts also revised their coverage, with Tudor Pickering had raised its rating on CLR to “Hold” from ‎the earlier ‎‎”Sell”, in a research note produced for clients December 07, 2020. In addition, there was an ‎upgrade ‎from Truist on December 04, 2020. The rater changed CLR from “a Hold” to “a Buy”.

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Is Continental Resources Inc. [NYSE:CLR] a Good Buy Right Now?

It should be noted that ‎CLR ‎technical indicators for short, intermediate as well as long term progress have placed an ‎overall ‎average of 72% as Buy. The average signal changed from 56% Buy in the last week and ‎compares with ‎‎24% Buy in the past month. Data from Continental Resources Inc.’s Trend Spotter ‎indicated that the ‎signals were Weakening. The stock current average is 2.84 million shares in the past ‎‎20 days and the ‎short term average signal indicates a 50% Buy. In the last 50 days, the average trading ‎volume was 3.07 ‎million shares while the medium term average advocated for 50% Buy. The average ‎long-term signal ‎stands at 100% Buy and the 100-day average volume stands at 2.93 million shares.‎‎

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CLR Price Performance

On Wall Street, Continental Resources Inc. [NYSE:CLR] ‎finished ‎Monday’s session down -2.69% at $16.26. The stock went up to $17.1031 at the same session ‎while its ‎lowest single day price was $16.16. In the last five days, it saw a fall of about -3.21%, ‎Continental ‎Resources Inc. shares dropped by almost -52.59% since the beginning of the year. ‎However, the share ‎price has dropped to as low as -55.08% below its one year high. On 01/06/20, the ‎company shares ‎recorded $36.20, the highest single-day price it has got to in the last 52-weeks and a ‎‎52-week low was ‎seen on 04/01/20, the same year at $6.90. The company’s shares have declined by -‎‎52.09% in the past ‎year. The 50-day SMA achieved is $15.27 while the 200-day SMA is $14.69. Volume ‎gained to 1.55 ‎million from 0.92 million in the previous session.‎‎

CLR Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing ‎is ‎perceived around 15.91 level, and in case of violation of this particular level, it will cause more drop ‎to ‎‎15.56 level. On the upper level, 17.45 is still the key resistance. The stock may increase to ‎the ‎subsequent resistance at 16.86. The Relative Strength Index (RSI) pinned on the 14-day chart is ‎‎48.02, ‎implying a neutral technical stance while the MACD stands at -0.82, meaning price will decrease ‎in the ‎next trading period. Percent R indicator moved to 86.52%, implying bearish price ‎movement. ‎Stochastic %K at 20.83% suggest selling the stock.‎‎

What is the short interest in Continental Resources Inc.?

Short interest in the ‎Continental ‎Resources Inc. stock has surged, increasing by 0.48 million shares to total 17.23 million ‎shares on Dec ‎‎14, 2020. The interest had seen shares on Nov 12, 2020 stand at 17.71 million, data from ‎Yahoo Finance ‎shows. The decrease of -2.79% suggests the stock saw some decreased bullish ‎sentiment. The stock’s ‎days to cover (short ratio) moved to while the shorted shares account for just ‎‎23.08% of the overall ‎float for the stock.‎‎

Continental Resources Inc.’s Biggest Shareholders: Who Owns Continental Resources ‎Inc. ‎‎[CLR]?

Filings by The Vanguard Group, Inc. showed that the firm now holds a total of ‎‎5,962,956 ‎shares or roughly 1.63% of the outstanding CLR shares. This means their shares have ‎reduced by -‎‎1,174,406 from the 5,962,956 the investor reportedly held in its prior 13-F filing. With the ‎conclusion of ‎the sale, SSgA Funds Management, Inc. updated stake is worth $85,343,143. Details in ‎the latest 13F ‎filings reveal that Arrowstreet Capital LP acquired their 3.07% stake valued at $49,423,184 ‎while ‎BlackRock Fund Advisors cut theirs at $48,566,180. During the last quarter, Arrowstreet Capital ‎LP ‎raised 95,700 of its shares in Continental Resources Inc. while BlackRock Fund Advisors sold -‎‎597,011 ‎shares. The T. Rowe Price Associates, Inc.’s holdings currently number 2,096,297 shares ‎at ‎‎$34085789.22. According to the firm’s last 13F report, Fidelity Management & Research Co shares in ‎the ‎company at filing stood at 1,787,737 shares, roughly $27,495,395.‎‎

CLR Earnings Forecast For The Current Quarter

Continental Resources Inc. [CLR] is ‎expected ‎to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates ‎give the ‎company expected revenues of $758.32M and an earnings per share of -$0.11 for Dec 2020. ‎Looking ‎further ahead, the company is expected to report revenue of $796.88M at an EPS of $0.03 for ‎Mar ‎‎2021. The estimates represent downside of 26.90% and 118.50% in the company’s revenue ‎and ‎earnings per share, respectively, on a year-on-year basis.‎‎

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CLR Earnings Estimates For The ‎Current ‎Year

For the financial year, Continental Resources Inc. [NYSE:CLR] is expected to bring in ‎revenue ‎of $2.52B. The returns are nearly $-2.11 billion lower than the company’s actual revenue ‎recorded in ‎the fiscal year 2019. In terms of EPS for the 2020, estimate put it at -1.08, lower than that of ‎FY19 by -‎‎$3.33. Estimates put this year’s earnings growth at -148.00%, 118.50% for the next, and at an ‎annual -‎‎7.44% over the next 5-year period. As for sales, forecasts are for a decrease of -45.70% in the ‎current ‎fiscal year and a further 26.90% over the following year.‎

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