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Continental Resources (CLR) Moves 8.7% Higher: Will This Strength Last?
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Continental Resources shares ended the last trading session 8.7% higher at $74.14. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% loss over the past four weeks.
Continental Resources’ shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices which makes it well positioned to generate record-breaking free cash flows this year. This is because Continental Resources has a premier position in the Bakken shale play, which is ranked among the largest onshore oilfields in the United States and produces premium quality of crude.
This independent oil and gas company is expected to post quarterly earnings of $3.32 per share in its upcoming report, which represents a year-over-year change of +176.7%. Revenues are expected to be $2.74 billion, up 104.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Continental Resources, the consensus EPS estimate for the quarter has been revised 4.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CLR going forward to see if this recent jump can turn into more strength down the road.
Continental Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Chord Energy Corporation (CHRD - Free Report) , another stock in the same industry, closed the last trading session 2.9% higher at $147.81. CHRD has returned 4.5% in the past month.
Chord Energy Corporation's consensus EPS estimate for the upcoming report has changed -5.2% over the past month to $8.78. Compared to the company's year-ago EPS, this represents a change of +177.9%. Chord Energy Corporation currently boasts a Zacks Rank of #3 (Hold).
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Continental Resources (CLR) Moves 8.7% Higher: Will This Strength Last?
Continental Resources shares ended the last trading session 8.7% higher at $74.14. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% loss over the past four weeks.
Continental Resources’ shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices which makes it well positioned to generate record-breaking free cash flows this year. This is because Continental Resources has a premier position in the Bakken shale play, which is ranked among the largest onshore oilfields in the United States and produces premium quality of crude.
This independent oil and gas company is expected to post quarterly earnings of $3.32 per share in its upcoming report, which represents a year-over-year change of +176.7%. Revenues are expected to be $2.74 billion, up 104.5% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Continental Resources, the consensus EPS estimate for the quarter has been revised 4.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CLR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Continental Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Chord Energy Corporation (CHRD - Free Report) , another stock in the same industry, closed the last trading session 2.9% higher at $147.81. CHRD has returned 4.5% in the past month.
Chord Energy Corporation's consensus EPS estimate for the upcoming report has changed -5.2% over the past month to $8.78. Compared to the company's year-ago EPS, this represents a change of +177.9%. Chord Energy Corporation currently boasts a Zacks Rank of #3 (Hold).