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Continental Resources (CLR) Gains As Market Dips: What You Should Know

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Continental Resources (CLR - Free Report) closed the most recent trading day at $53.87, moving +0.82% from the previous trading session. This change outpaced the S&P 500's 0.69% loss on the day.

Heading into today, shares of the independent oil and gas company had gained 38.46% over the past month, outpacing the Oils-Energy sector's gain of 14.29% and the S&P 500's loss of 2.58% 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 November 1, 2021. The company is expected to report EPS of $1.18, up 837.5% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.38 billion, up 99.77% from the year-ago period.

CLR's full-year Zacks Consensus Estimates are calling for earnings of $4.04 per share and revenue of $5.32 billion. These results would represent year-over-year changes of +445.3% and +105.64%, respectively.

Investors should also note any recent changes to analyst estimates for CLR. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 2.68% higher. CLR is currently sporting a Zacks Rank of #1 (Strong Buy).

Investors should also note CLR's current valuation metrics, including its Forward P/E ratio of 13.23. Its industry sports an average Forward P/E of 11.2, so we one might conclude that CLR is trading at a premium comparatively.

Meanwhile, CLR's PEG ratio is currently 1.12. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Exploration and Production - United States was holding an average PEG ratio of 0.48 at yesterday's closing price.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 37, which puts it in the top 15% 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.

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