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Is Continental Resources (CLR) a Great Stock to Invest in?

·2 min read

Smead Capital Management, an investment management company, released its Smead Value Fund second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -13.33% compared to the S&P 500 Index which lost 16.10% and the Russell 1000 Value Index posted a loss of 12.21%. The bear market affected the performance of the fund in the second quarter and the fund believes that it will act as a blessing for the fund’s long-term performance. Please check the top five holdings of the fund to know more about its best picks in 2022.

In the letter, Smead Capital Management discussed stocks like Continental Resources, Inc. (NYSE:CLR). It is one of the fund’s best-performing stocks. Continental Resources, Inc. (NYSE:CLR) engages in the business of crude oil and natural gas and is headquartered in Oklahoma City, Oklahoma. The stock of Continental Resources, Inc. (NYSE:CLR) closed at $67.63 per share on August 10, 2022. One-month return of Continental Resources, Inc. (NYSE:CLR) rose to 7.13% and its shares gained 79.39% of their value over the last 52 weeks. Continental Resources, Inc. (NYSE:CLR) has a market capitalization of $24.55 billion.

Here is what Smead Capital Management specifically said about Continental Resources, Inc. (NYSE:CLR) in its Q2 2022 investor letter:

"For the quarter, our best-performing stocks were Continental Resources, Inc. (NYSE:CLR), Merck (MRK) and Occidental Petroleum (OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list. Merck’s defensive characteristics and good news on earnings/growth didn’t shock us. We argued one year ago that Merck was historically cheap relative to the indexes as compared to the last 20 years."

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Continental Resources, Inc. (NYSE:CLR) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, Continental Resources, Inc. (NYSE:CLR) was held by 20 hedge fund portfolios at the end of the first quarter, which was 19 in the previous quarter.

We discussed Continental Resources, Inc. (NYSE:CLR) in another article and shared stock analysts’ ratings to the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.