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Continental (CLR) to Redeem Balance of $230M Senior Notes

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Continental Resources, Inc. (CLR - Free Report) announced that it will redeem the balance of $230,782,000 in aggregate outstanding principal amount of its 5% senior notes due 2020.

Notably, it will repurchase the above-mentioned senior notes on Apr 22, 2021.

According to the company, the outstanding notes will be repurchased at a redemption price of 100% of the total principal amount along with accrued and unpaid interest if there is any.

The repurchase is being made in accordance with the applicable indentures and terms associated with each issue. Notably, the company concluded that interest on the notes will cease to accrue on and after the redemption date.

Company Profile & Price Performance

Headquartered in Oklahoma, Continental Resources is an explorer and producer of crude oil and natural gas. The company operates resources across the east, south and north areas in the United States.

Shares of the company have outperformed the industry in the past six months. The stock has gained 101.9% compared with the industry’s 99.8% growth.

 

 

Zacks Rank & Stocks to Consider

The company currently has a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are Devon Energy Corporation (DVN - Free Report) , Global Partners LP (GLP - Free Report) and Exxon Mobil Corporation (XOM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Devon’s earnings for 2021 are expected to rise 11.8% year over year.

Global Partners’ earnings for 2021 are expected to increase 21% year over year.

Exxon’s earnings for 2021 are expected to rise 19.1% year over year.

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