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Continental Resources (CLR) closed the most recent trading day at $34.73, moving +1.43% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.02%.
Heading into today, shares of the independent oil and gas company had lost 7.66% over the past month, outpacing the Oils-Energy sector's loss of 8.96% and lagging the S&P 500's gain of 2.91% in that time.
Wall Street will be looking for positivity from CLR as it approaches its next earnings report date. This is expected to be August 2, 2021. On that day, CLR is projected to report earnings of $0.56 per share, which would represent year-over-year growth of 178.87%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.11 billion, up 532.16% from the year-ago period.
CLR's full-year Zacks Consensus Estimates are calling for earnings of $2.99 per share and revenue of $4.85 billion. These results would represent year-over-year changes of +355.56% and +87.64%, respectively.
Investors might also notice recent changes to analyst estimates for CLR. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 21.75% higher. CLR is currently a Zacks Rank #1 (Strong Buy).
Valuation is also important, so investors should note that CLR has a Forward P/E ratio of 11.45 right now. For comparison, its industry has an average Forward P/E of 9.5, which means CLR is trading at a premium to the group.
Also, we should mention that CLR has a PEG ratio of 3.26. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Oil and Gas - Exploration and Production - United States stocks are, on average, holding a PEG ratio of 0.47 based on yesterday's closing prices.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 15, putting it in the top 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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