RBC Capital Sticks to Their Buy Rating for Continental Resources

By Carrie Williams

RBC Capital analyst Brad Heffern reiterated a Buy rating on Continental Resources (NYSE: CLR) today and set a price target of $61. The company’s shares closed yesterday at $60.99, close to its 52-week high of $62.67.

According to TipRanks.com, Heffern is a 5-star analyst with an average return of 22.6% and a 73.6% success rate. Heffern covers the Basic Materials sector, focusing on stocks such as Contango Oil & Gas Company, Range Resources Corp, and Hollyfrontier Corp.

Currently, the analyst consensus on Continental Resources is Strong Buy and the average price target is $64.89, representing a 6.4% upside.

In a report issued on April 11, BMO Capital also reiterated a Buy rating on the stock with a $65 price target.

Based on Continental Resources’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $1.04 billion and quarterly net profit of $842 million. In comparison, last year the company earned revenue of $639 million and had a net profit of $469K.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is neutral on the stock.

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Continental Resources, Inc. engages in the exploration and production of crude oil and natural gas. Its operations are focuses on the MT Bakken; Red River Unites; STACK; Arkoma Woodford; SCOOP; and Other. The company was founded by Harold G. Hamm in 1967 and is headquartered in Oklahoma City, OK.