Jefferies Thinks Continental Resources’ Stock is Going to Recover

By Jason Carr

In a report released today, Michael Hsu from Jefferies reiterated a Buy rating on Continental Resources (NYSE: CLR), with a price target of $56. The company’s shares opened today at $41.82, close to its 52-week low of $39.30.

According to TipRanks.com, Hsu is a 1-star analyst with an average return of -4.5% and a 31.6% success rate. Hsu covers the Basic Materials sector, focusing on stocks such as Energy Transfer Partners LP, Gulfport Energy Corp, and Range Resources Corp.

Currently, the analyst consensus on Continental Resources is Strong Buy and the average price target is $56.50, representing a 35.1% upside.

In a report issued on May 5, Credit Suisse also upgraded the stock to Buy.

Based on Continental Resources’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $639 million and quarterly net profit of $469K. In comparison, last year the company earned revenue of $411 million and had a GAAP net loss of $198 million.

Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLR in relation to earlier this year. Most recently, in March 2017, Harold Hamm, the CEO & Chairman of CLR bought 32,985 shares for a total of $1,414,727.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Continental Resources, Inc. engages in the exploration and production of crude oil and natural gas. Its operations are focused on the Red River Units, Anadarko Woodford and Bakken field plays. The company was founded by Harold G. Hamm in 1967 and is headquartered in Oklahoma City, OK.