Scotiabank Thinks Continental Resources’ Stock is Going to Recover

By Ryan Adsit

In a report released yesterday, Peter Kissel from Scotiabank maintained a Buy rating on Continental Resources (NYSE: CLR), with a price target of $52. The company’s shares opened today at $31.95, close to its 52-week high of $60.30.

According to TipRanks.com, Kissel is ranked 0 out of 5 stars with an average return of -15.7% and a 22.4% success rate. Kissel covers the Basic Materials sector, focusing on stocks such as Wildhorse Resource Development Corp, National Fuel Gas Company, and Evolution Petroleum Corp.

Currently, the analyst consensus on Continental Resources is Strong Buy and the average price target is $54.50, representing a 70.6% upside.

In a report issued on June 21, BMO Capital also reiterated a Buy rating on the stock with a $55 price target.

The company has a one year high of $60.30 and a one year low of $30.18. Currently, Continental Resources has an average volume of 3.17M.

Based on the recent corporate insider activity of 50 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.