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Continental Resources (CLR) Moves 15.1% Higher: Will This Strength Last?
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Continental Resources shares ended the last trading session 15.1% higher at $74.22. 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 8.5% gain over the past four weeks.
The recent surge in oil prices due to Russia’s aggressive invasion of Ukraine primarily drove the stock. The oil price is hovering above $110-per barrel mark, reflecting a significant improvement from the past year. This is beneficial for Continental Resources as it 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 $2.92 per share in its upcoming report, which represents a year-over-year change of +220.9%. Revenues are expected to be $2.59 billion, up 110% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Continental Resources, the consensus EPS estimate for the quarter has been revised 1.7% 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 belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Magnolia Oil & Gas Corp (MGY - Free Report) , closed the last trading session 0.3% higher at $27.29. Over the past month, MGY has returned 13.9%.
Magnolia Oil & Gas Corp's consensus EPS estimate for the upcoming report has changed +5.4% over the past month to $1.17. Compared to the company's year-ago EPS, this represents a change of +108.9%. Magnolia Oil & Gas Corp currently boasts a Zacks Rank of #1 (Strong Buy).
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Continental Resources (CLR) Moves 15.1% Higher: Will This Strength Last?
Continental Resources shares ended the last trading session 15.1% higher at $74.22. 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 8.5% gain over the past four weeks.
The recent surge in oil prices due to Russia’s aggressive invasion of Ukraine primarily drove the stock. The oil price is hovering above $110-per barrel mark, reflecting a significant improvement from the past year. This is beneficial for Continental Resources as it 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 $2.92 per share in its upcoming report, which represents a year-over-year change of +220.9%. Revenues are expected to be $2.59 billion, up 110% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Continental Resources, the consensus EPS estimate for the quarter has been revised 1.7% 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 belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Magnolia Oil & Gas Corp (MGY - Free Report) , closed the last trading session 0.3% higher at $27.29. Over the past month, MGY has returned 13.9%.
Magnolia Oil & Gas Corp's consensus EPS estimate for the upcoming report has changed +5.4% over the past month to $1.17. Compared to the company's year-ago EPS, this represents a change of +108.9%. Magnolia Oil & Gas Corp currently boasts a Zacks Rank of #1 (Strong Buy).