KeyBanc maintained its Continental Resources [CLR] rating to the equivalent of Overweight but changed the price target to $22.0 from $20, in a research note dated 2021-01-07. That figure represents around a 10.89% premium from where the company’s shares closed on Wednesday. Other analysts also revised their coverage, with KeyBanc Capital Markets’s analysts upgrading the shares from “a Sector weight” rating to “an Overweight” rating in a research note to investors issued in late December. Meanwhile, Tudor Pickering had raised its rating on CLR to “Hold” from the earlier “Sell”, in a research note produced for clients on 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”.
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 88% as Buy. The average signal changed from 72% Buy in the last week and compares with 56% Buy in the past month. Data from Continental Resources Inc.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 2.85 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 3.08 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 2.96 million shares.
CLR Price Performance
On Wall Street, Continental Resources Inc. [NYSE:CLR] finished Wednesday’s session up 3.17% at $19.83. The stock went up to $20.67 at the same session while its lowest single day price was $19.49. In the last five days, it saw a rise of about 19.96%, Continental Resources Inc. shares gained by almost 21.66% since the beginning of the year. However, the share price has dropped to as low as -45.22% below its one year high. On 01/06/21, the company shares recorded $20.67, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $16.30. The company’s shares have declined by -44.47% in the past year. The 50-day SMA achieved is $15.78 while the 200-day SMA is $14.96. Volume gained to 5.61 million from 4.35 million in the previous session.
CLR Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 19.32 level, and in case of violation of this particular level, it will cause more drop to 18.82 level. On the upper level, 21.18 is still the key resistance. The stock may increase to the subsequent resistance at 20.50. The Relative Strength Index (RSI) pinned on the 14-day chart is 66.02, implying a neutral technical stance while the MACD stands at 1.62, meaning price will increase in the next trading period. Percent R indicator moved to 16.94%, implying bullish price movement. Stochastic %K at 68.47% 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 $41569569.51. 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 $761.72M and an earnings per share of -$0.1 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.
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%, 120.40% for the next, and at an annual -16.30% over the next 5-year period. As for sales, forecasts are for a decrease of -45.60% in the current fiscal year and a further 26.90% over the following year.