Australia markets closed
  • ALL ORDS

    6,953.40
    +59.80 (+0.87%)
     
  • AUD/USD

    0.6954
    +0.0029 (+0.42%)
     
  • ASX 200

    6,763.60
    +57.60 (+0.86%)
     
  • OIL

    110.78
    +1.21 (+1.10%)
     
  • GOLD

    1,828.70
    +3.90 (+0.21%)
     
  • BTC-AUD

    30,039.80
    -902.79 (-2.92%)
     
  • CMC Crypto 200

    455.40
    -6.40 (-1.38%)
     

Here's Why Continental (CLR) is an Attractive Investment Bet

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Continental Resources, Inc. CLR has witnessed upward earnings estimate revisions for 2022 and 2023 in the past seven days. Moreover, the stock, carrying a Zacks Rank #2 (Buy), is likely to see earnings growth of more than 151% in 2022.

What’s Favoring the Stock?

The price of West Texas Intermediate crude, trading at more than $110 per barrel, has risen drastically over the past year. The significant rise in oil price is owing to the assumptions by many analysts that the Ukraine war may be prolonged.

Overall, improving oil prices are definitely a boon for Continental’s upstream operations since the company is a leading producer of crude in the United States. Notably, Continental has a strong presence in the core of a prolific oil field – the Bakken play of North Dakota and Montana. Moreover, CLR has a strong focus on cost-reduction initiatives, and it is well known that the upstream player is a low-cost, high-margin producer of oil.

Continental is strongly focused on returning capital to shareholders. CLR recently announced an increment in quarterly dividend payments to 28 cents per share from 23 cents, paid in the first quarter of 2022. Also, CLR’s current dividend yield of 1.75% is higher than 1.51% of the Zacks S&P 500 composite.

Continental Resources, Inc. Price

Continental Resources, Inc. Price
Continental Resources, Inc. Price

Continental Resources, Inc. price | Continental Resources, Inc. Quote

Other Stocks to Consider

Some other top-ranked players in the energy space are ConocoPhillips COP, Marathon Oil MRO and Occidental Petroleum OXY. While ConocoPhillips and Marathon Oil carry a Zacks Rank #2, Occidental Petroleum sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Considering production and reserves, ConocoPhillips is one of the leading exploration and production players in the global market. COP has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, ConocoPhillips is likely to see earnings growth of 141.6%.

Marathon Oil is a leading oil and natural gas exploration and production company. MRO has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, Marathon Oil is likely to see earnings growth of 201.3%.

In the United States, Occidental Petroleum is among the largest oil producers. OXY has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days.

In 2022, Occidental Petroleum is likely to see earnings growth of 278.8%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
ConocoPhillips (COP) : Free Stock Analysis Report
 
Marathon Oil Corporation (MRO) : Free Stock Analysis Report
 
Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
 
Continental Resources, Inc. (CLR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting