CLR - Continental Resources, Inc.
| Previous close | 15.08 |
| Open | 15.03 |
| Bid | 16.01 x 1300 |
| Ask | 16.10 x 2900 |
| Day's range | 14.87 - 16.04 |
| 52-week range | 6.90 - 41.47 |
| Volume | 4,450,552 |
| Avg. volume | 5,701,296 |
| Market cap | 5.853B |
| Beta (5Y monthly) | 3.47 |
| PE ratio (TTM) | 14.79 |
| EPS (TTM) | 1.08 |
| Earnings date | 03 Aug 2020 - 07 Aug 2020 |
| Forward dividend & yield | N/A (N/A) |
| Ex-dividend date | 06 Feb 2020 |
| 1y target est | 17.72 |
- Motley Fool
Why Continental Resources Stock Rebounded 32% in June
Shares of Continental Resources (NYSE: CLR) jumped 32.5% in May, according to data provided by S&P Global Market Intelligence. Several factors fueled that rally, including the continued rebound in the oil market, which enabled the oil producer to start turning some of its wells back on line. Oil prices continued climbing back last month, with WTI, the main U.S. oil price benchmark, rallying another 10% to around $40 a barrel.
- Financial Times
Biden energy policy not based in reality, says Harold Hamm
Harold Hamm, the billionaire shale pioneer, said Joe Biden’s clean energy plan was “not based in reality” and warned Saudi Arabia never to repeat its price war on the US oil sector, as he hit out at those he sees as opponents of American oil. Mr Hamm, executive chairman of Continental Resources, a leader of the shale revolution that made the US the world’s biggest oil producer, praised President Donald Trump for helping raise crude prices in recent weeks, and dismissed his Democratic challenger’s energy proposals. “It’s not sound economics,” said Mr Hamm in an interview, referring to the green energy deal guiding Mr Biden’s energy policy.
- Bloomberg
Billionaire Hamm Adds $57 Million of Faith In His Shale Driller
(Bloomberg) -- Billionaire wildcatter Harold Hamm bought more shares in the shale drilling company he controls as oil prices recover from their historic plunge.Hamm added $57.1 million of shares in Continental Resources Inc., where he’s executive chairman, according to a filing with the U.S. Securities & Exchange Commission. The 3.44 million shares he purchased bring his total of direct and indirect shares to 288 million, or about 79% of the company.He bought the shares at an average price of $16.62 starting June 22. Continental fell 10% Wednesday to $15.12, but is still up more than double from when it bottomed out March 9. U.S. oil futures fell to a historic low of minus $40.32 a barrel on April 20 and have since recovered to about $38.Hamm, 74, is a legend in the oil industry, having risen from the bottom of the business to a self-made billionaire, largely from being one of the first people to see the opportunity of horizontal drilling and hydraulic fracturing in the Bakken shale play in North Dakota and Montana. He famously wrote his ex-wife a check for almost $1 billion to settle their divorce in 2014, and stepped down as chief executive officer of the company in December.He has remained one of shale’s biggest proponents during the market downturn that began more than a half-decade ago. His bullishness has not always been rewarded. In November 2014, Continental said it sold nearly all its hedges in a bet on rising prices just weeks before OPEC started pumping all out in a price war that eventually drove crude into the $20s.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Zacks
Oil & Gas Stock Roundup: Schlumberger Cuts Cost, Continental's Output Plans & More
Schlumberger (SLB) announced initiatives to save roughly $1.5 billion in costs annually, while Continental Resources (CLR) said that it will gradually restore its output on improving fundamentals.
- Zacks
The Zacks Analyst Blog Highlights: QEP Resources, Marathon Oil, Occidental Petroleum and Continental Resources
The Zacks Analyst Blog Highlights: QEP Resources, Marathon Oil, Occidental Petroleum and Continental Resources
- Zacks
Stock Market News for Jun 19, 2020
Benchmarks closed mixed on Thursday as investors digested weekly labor market report and grew concerned over signs of rising coronavirus cases in several states undergoing reopening process.
- Zacks
Continental to Gradually Revive Output as Oil Price Improves
For the second quarter, Continental Resources' (CLR) production is estimated in the range of 200,000-205,000 Boe/d.
- Zacks
4 Oil Stocks to Gain on Likely Energy Market Rebound in 2021
Lockdown measures are being eased and people are gradually returning to work, boosting fuel demand.
- Zacks
Continental Resources (CLR) Up 32% Since Last Earnings Report: Can It Continue?
Continental Resources (CLR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
- Motley Fool
Why Penn Virginia, Continental Resources, and Marathon Oil All Took a Nosedive Today
One day after big gains, investors likely got worried about the very things that led to the gains in the first place.
- Zacks
The Zacks Analyst Blog Highlights: QEP Resources, Occidental Petroleum, Marathon Oil and Continental Resources
The Zacks Analyst Blog Highlights: QEP Resources, Occidental Petroleum, Marathon Oil and Continental Resources
- Zacks
4 Oil Stocks to Gain as OPEC+ Extends Production Cut Deal
The favorable crude pricing environment brightens up prospects for energy players, especially oil explorers and producers.
- Motley Fool
Why Oil Stocks Are Going Ballistic Today
Oil prices are in rally mode today. WTI, the main U.S. oil price benchmark, was up 4.5% to about $39 a barrel by 10:15 a.m. EDT on Friday. Fueling the rebound in crude prices was a report that OPEC and its partners had agreed to extend their historic production cut by another two months.
- Zacks
Continental (CLR) Q1 Earnings Miss Estimates, Revenues Beat
Lower oil equivalent price realizations hurt Continental's (CLR) Q1 earnings.
- Zacks
U.S. Shale Oil Q1 Earnings Are All In: Here's How They Did
Missed the slew of shale oil earnings? Here's a quick run-through of how some of the bigwigs fared in their first-quarter earnings reports.
- Motley Fool
Continental Resources Inc (CLR) Q1 2020 Earnings Call Transcript
Other members of management will be available for Q&A, including Jack Stark, President and Chief Operating Officer; and John Hart, Chief Financial Officer. Today's call will contain forward-looking statements that address projections assumptions and guidance.
- Oilprice.com
More Shale Giants Forced To Cut Production As Oil Price Crisis Persists
The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low oil prices
- Zacks
Continental Resources (CLR) Reports Q1 Loss, Tops Revenue Estimates
Continental Resources (CLR) delivered earnings and revenue surprises of -166.67% and 0.93%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
- Motley Fool
Why These 3 Oil Stocks Skyrocketed More Than 80% in April
Shares of oil companies Devon Energy (NYSE: DVN), Continental Resources (NYSE: CLR), and Apache (NYSE: APA) rose more than 80% in April, according to data provided by S&P Global Market Intelligence. Meanwhile, Continental's share price more than doubled, up 114% to close the month at $16.39/share. For investors who bought in after the oil price crash of early March, these three oil producers have delivered handsome returns.
- Business Wire
ATTENTION CONTINENTAL RESOURCES EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation Into Damages Sustained During Coronavirus Pandemic in Continental Resources Stock With Full-Service Brokerage Firms
KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating the damages sustained during the Coronavirus ("COVID-19") pandemic by employees and investors who held large positions in Continental Resources (NYSE:CLR) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and mismanagement of large positions that resulted in employees and investors suffering substantial losses.
- Oilprice.com
Earnings Season Will Be A Bloodbath For Oil Producers
Oil crashed again at the start of the week as the prospect of negative prices for the WTI June contract becomes increasingly realistic
- Simply Wall St.
How Does Continental Resources's (NYSE:CLR) P/E Compare To Its Industry, After Its Big Share Price Gain?
Continental Resources (NYSE:CLR) shareholders are no doubt pleased to see that the share price has bounced 48% in the...
- Oilprice.com
This Oil Price Rebound Is Only Temporary
While oil prices have rebounded from the record lows they hit last week, the rebound is likely to only be temporary as more bearish news piles up
- Bloomberg
Those Mnuchin Fracker Loans Look More Like Equity
(Bloomberg Opinion) -- Someone should tell Treasury Secretary Steven Mnuchin about the United States Oil Fund LP. This is the ETF making all the headlines for all the wrong reasons of late. A nominally cheap and easy way to speculate on oil, its use of rolling futures positions made for dreadful returns and, most recently, almost certainly contributed to oil’s plunge into negative pricing. It seems likely more than one retail wannabe wildcatter is mystified as to why they ended up effectively paying others to take their “barrels.”Knowing what you’re actually getting is important with any investment, of course. Which brings us to Mnuchin’s musings about extending government loans to struggling oil and gas producers, as reported by Bloomberg News on Thursday evening. Like USO owners, the lenders here — hello taxpayers — may find their collateral somewhat slippery. Also like the USO, their mere presence could make things worse.Details are scant; there is talk of investment-grade firms maybe tapping a Federal Reserve lending program while “alternative structures” are considered for the riskier sort. But I was struck most by this line in the article:The administration is also considering taking financial stakes in exchange for some loans, and some firms might be asked to reduce production, the person said.Hmm. “Loans” that grant you a stake and a say in critical operational decisions. That almost sounds like equity.There’s a reason for that. It is common for the riskiest exploration and production companies to only have one slug of secured financing in the form of reserve-based lending. This is a credit line from a consortium of banks secured against the value of the company’s oil and gas reserves. The value is typically reappraised twice a year, and energy prices are obviously a huge variable. You can imagine even one day of negative oil prices doesn’t make for a warm and fuzzy meeting with your account manager. The vast majority of respondents to a sector survey conducted by the law firm Haynes and Boone LLP expected borrowing bases to be cut by at least 20%. And that survey was conducted last month.After a decade of applying the WeWork growth model to oil and gas, the industry has very little wiggle room. A wall of debt maturities is imminent, kicking in just as most production hedges roll off. So those credit lines may well be needed to cover repayments. Even a small cut could leave E&P firms exposed or in outright breach of covenants. Such considerations lay behind Whiting Petroleum Corp.’s decision to file for bankruptcy at the beginning of the month, as analysts at CreditSights laid out in a recent report.For many firms, once you get beyond reserve-based lending, there’s precious little else to lend against. The capital stack is highly encumbered already. At almost 80%, energy high-yield issuers tracked by CreditSights have the highest proportion of net debt in their enterprise value of any major sector.You may notice things looked much better in 2016. Oil crashed that year, too, but investors still had hope then of oil prices coming back. E&P companies took full advantage with a banner year for equity issuance. Fast forward, and investors have been backing away from the sector, especially its most indebted members, way before Covid-19 went global and Saudi Arabia and Russia went postal. A fresh source of capital must be found.So it makes perfect sense that the government “loans” being touted around Washington look more like equity, because that’s what they would be, in practical terms. And the feds would be taking a position in E&P companies at a particularly bracing juncture, with oil prices in the tank and debt maturities rolling in. Exactly what they — I mean, we — would be taking on is something of a mystery, given the lack of clarity about oil demand, prices and production even six months out.Moreover, loans to the weakest E&P firms would perpetuate the underlying condition afflicting the sector before Covid-19 hit: too much production and too little risk management. If there’s too much oil, it’s less than optimal to put more money into the business of producing more oil. How about a government debtor-in-possession facility instead?At such times, we are lucky to have Continental Resources Inc. to exemplify the industry chutzpah of which, unlike cash, there is seemingly never a shortage. Having not bothered with boring stuff like hedging, founder Harold Hamm has alleged manipulation on the part of everyone from Saudi Arabia to “a flawed new computer model.” In the latest twist, Continental has reportedly invoked force majeure on a delivery contract for its oil — and honestly, caught on the wrong side of a price move, who hasn’t blamed God on occasion?Similarly, President Donald Trump’s administration has been throwing fistfuls of spaghetti at the wall to bail out oil and gas producers, ranging from threats of tariffs on foreign barrels to the notion of paying E&P firms to keep oil in the ground and rebranding it as a strategic reserve. Equity dressed up as loans would represent a further step down this path. God knows if it will actually happen, especially if House Democrats have a say. But like the hapless ETF investor, you may soon be the (proud?) quasi-owner of something to do with oil.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Simply Wall St.
Some Continental Resources, Inc. (NYSE:CLR) Analysts Just Made A Major Cut To Next Year's Estimates
Market forces rained on the parade of Continental Resources, Inc. (NYSE:CLR) shareholders today, when the analysts...
