Raymond James lifts Continental Resources Inc. [CLR] price estimate. Who else is bullish?

Continental Resources Inc. [NYSE: CLR] gained 0.04% on the last trading session, reaching $74.27 price per share at the time. The company report on November 22, 2022 that Continental Announces Expiration of Tender Offer Period for Outstanding Shares.


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Completion of Previously Announced Merger and Going Private Transaction Expected Later Today.

Continental Resources, Inc. (NYSE: CLR) today announced that it is initiating the final steps in closing its previously announced merger with Omega Acquisition, Inc. (“Merger Sub”). Following the completion of the merger, shares of Continental common stock are expected to cease trading on the New York Stock Exchange (“NYSE”) prior to market open on Wednesday, November 23, 2022, and will no longer be listed for trading on the NYSE. Merger Sub’s tender offer to purchase any and all outstanding shares of Continental’s common stock, other than (i) shares of common stock owned directly or indirectly by Mr. Hamm and the Hamm family and (ii) shares of common stock underlying unvested equity awards issued pursuant to Continental’s long-term incentive plans (the “Rollover Shares”) expired one minute after 11:59 p.m. (New York City time) on November 21, 2022. As of 5:00 pm (New York City time) on November 21, 2022, a total of 36,312,840 shares of Continental common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 62.5% of the outstanding shares of Continental common stock not already owned by the Hamm family. In addition, “Notices of Guaranteed Delivery” had been delivered for 3,443,455 shares of Continental common stock, representing approximately 5.9% of the outstanding shares not already owned by the Hamm family. Merger Sub intends to accept for payment in accordance with the terms of the tender offer all shares of Continental common stock that were validly tendered and not validly withdrawn as of the expiration of the tender offer.

Continental Resources Inc. represents 357.62 million in outstanding shares, while the company has a total market value of $26.95 billion with the latest information. CLR stock price has been found in the range of $74.25 to $74.28.

If compared to the average trading volume of 2.98M shares, CLR reached a trading volume of 3538434 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Continental Resources Inc. [CLR]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CLR shares is $73.59 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CLR stock is a recommendation set at 3.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Raymond James have made an estimate for Continental Resources Inc. shares, keeping their opinion on the stock as Mkt Perform, with their previous recommendation back on October 24, 2022. While these analysts kept the previous recommendation, Morgan Stanley raised their target price from $67 to $74. The new note on the price target was released on October 19, 2022, representing the official price target for Continental Resources Inc. stock. On July 22, 2022, analysts decreased their price target for CLR shares from 76 to 70.

The Average True Range (ATR) for Continental Resources Inc. is set at 0.37, with the Price to Sales ratio for CLR stock in the period of the last 12 months amounting to 3.05. The Price to Book ratio for the last quarter was 2.67, with the Price to Cash per share for the same quarter was set at 5.00. Price to Free Cash Flow for CLR in the course of the last twelve months was 4.29 with Quick ratio for the last quarter at 1.10.

Trading performance analysis for CLR stock

Continental Resources Inc. [CLR] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.27. With this latest performance, CLR shares gained by 0.50% in over the last four-week period, additionally plugging by 20.72% over the last 6 months – not to mention a rise of 62.45% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CLR stock in for the last two-week period is set at 63.98, with the RSI for the last a single of trading hit 68.42, and the three-weeks RSI is set at 60.87 for Continental Resources Inc. [CLR]. The present Moving Average for the last 50 days of trading for this stock 71.43, while it was recorded at 74.20 for the last single week of trading, and 65.46 for the last 200 days.

Continental Resources Inc. [CLR]: A deeper dive into fundamental analysis

Continental Resources Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.20.

Continental Resources Inc. [CLR]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CLR. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Continental Resources Inc. go to 27.84%.

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