|Bid||13.86 x 800|
|Ask||13.87 x 800|
|Day's Range||13.41 - 14.09|
|52 Week Range||6.90 - 43.57|
|Beta (5Y Monthly)||3.56|
|PE Ratio (TTM)||12.98|
|Earnings Date||Aug. 03, 2020 - Aug. 07, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb. 06, 2020|
|1y Target Est||16.26|
Missed the slew of shale oil earnings? Here's a quick run-through of how some of the bigwigs fared in their first-quarter earnings reports.
Other members of management will be available for Q&A, including Jack Stark, President and Chief Operating Officer; and John Hart, Chief Financial Officer. Today's call will contain forward-looking statements that address projections assumptions and guidance.
The big oil production curtailment in the U.S. shale patch continues as more companies announced on Monday output reductions to protect their balance sheets in the face of unsustainably low oil prices
(Bloomberg) -- Shale driller Continental Resources Inc. expects an imminent recovery in crude prices even as it undertakes some of the most aggressive production cuts in an industry crippled by tumbling oil prices.The Oklahoma City-based company founded by billionaire wildcatter Harold Hamm is forecasting a rebalancing of crude supply and demand around the middle of the year, executives said during a conference call on Monday. The comments came just hours after Continental discarded its full-year financial guidance and said it was turning off some drilling rigs.Continental is waiting for the oil market to recover before reopening wells it shut in response to an unprecedented slump in prices. “We’re preserving the production capacity for what we believe will be a imminently better commodity price for us,” Chief Financial Officer John Hart said during the call.The company also reported a $1.13 billion draw on its credit facilities and bought back 8.1 million shares during the quarter, according to a regulatory filing. When asked about the drawdown, the company said it was worried about bankers working from home and wanted to avoid “hiccups in the system.”“We decided to go ahead and have a little bit of a cash on hand just ahead of time,” Hart said. Continental shares fell 2.9% to $14.66 at 1:57 p.m. in New York trading.Shutting WellsThree weeks after U.S. oil prices went negative for the first time, oil producers are moving beyond drilling hiatuses and taking the once-rare step of scaling back existing output.Rystad Energy said last week that U.S. producers have announced plans to halt more than 600,000 barrels of daily output this month and next. Continental initially had plans to cut output by 30% to mirror the collapse in demand caused by the Covid-19 pandemic but has since doubled down on those efforts.Callon Petroleum Co., which closed on its $737 million acquisition of rival Carrizo Oil & Gas Inc. less than five months ago, said Monday it’s shutting off more than 3,000 barrels of daily output. The shale explorer also halted all fracking as of last month and will have just one rig active by the middle of this month.Callon said in a federal filing that for now it has sufficient liquidity, but it may be forced to issue a “going concern” warning if lenders reduce its borrowing base too much. The company also canceled its quarterly earnings conference call with analysts and investors.EOG Resources Inc., the world’s second-largest independent oil explorer by market value, said last week that it’s curtailing about one-fourth of its production and canceling almost 40% of new wells it had planned to bring online this year.Producers say much of that output will return once prices pick up, though some have cautioned that turning wells back on is more complicated than shutting them in. They’re also creating a backlog of wells that are drilled but not yet fracked that can be revisited if and when oil prices recover.Still, Hamm said that U.S. oil production won’t grow in the future at the same pace that it did before the pandemic.“The market share capture-rate that the U.S. was pursuing in the past was probably not sustainable,” Hamm said. “I would expect to see those growth rates attenuate in the U.S. over the next few years.”(Updates with comments from Continental’s conference call beginning in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Continental Resources (CLR) delivered earnings and revenue surprises of -166.67% and 0.93%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of oil companies Devon Energy (NYSE: DVN), Continental Resources (NYSE: CLR), and Apache (NYSE: APA) rose more than 80% in April, according to data provided by S&P Global Market Intelligence. Meanwhile, Continental's share price more than doubled, up 114% to close the month at $16.39/share. For investors who bought in after the oil price crash of early March, these three oil producers have delivered handsome returns.
KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating the damages sustained during the Coronavirus ("COVID-19") pandemic by employees and investors who held large positions in Continental Resources (NYSE:CLR) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and mismanagement of large positions that resulted in employees and investors suffering substantial losses.
Continental Resources (CLR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Continental Resources (NYSE:CLR) shareholders are no doubt pleased to see that the share price has bounced 48% in the...
(Bloomberg Opinion) -- Someone should tell Treasury Secretary Steven Mnuchin about the United States Oil Fund LP. This is the ETF making all the headlines for all the wrong reasons of late. A nominally cheap and easy way to speculate on oil, its use of rolling futures positions made for dreadful returns and, most recently, almost certainly contributed to oil’s plunge into negative pricing. It seems likely more than one retail wannabe wildcatter is mystified as to why they ended up effectively paying others to take their “barrels.”Knowing what you’re actually getting is important with any investment, of course. Which brings us to Mnuchin’s musings about extending government loans to struggling oil and gas producers, as reported by Bloomberg News on Thursday evening. Like USO owners, the lenders here — hello taxpayers — may find their collateral somewhat slippery. Also like the USO, their mere presence could make things worse.Details are scant; there is talk of investment-grade firms maybe tapping a Federal Reserve lending program while “alternative structures” are considered for the riskier sort. But I was struck most by this line in the article:The administration is also considering taking financial stakes in exchange for some loans, and some firms might be asked to reduce production, the person said.Hmm. “Loans” that grant you a stake and a say in critical operational decisions. That almost sounds like equity.There’s a reason for that. It is common for the riskiest exploration and production companies to only have one slug of secured financing in the form of reserve-based lending. This is a credit line from a consortium of banks secured against the value of the company’s oil and gas reserves. The value is typically reappraised twice a year, and energy prices are obviously a huge variable. You can imagine even one day of negative oil prices doesn’t make for a warm and fuzzy meeting with your account manager. The vast majority of respondents to a sector survey conducted by the law firm Haynes and Boone LLP expected borrowing bases to be cut by at least 20%. And that survey was conducted last month.After a decade of applying the WeWork growth model to oil and gas, the industry has very little wiggle room. A wall of debt maturities is imminent, kicking in just as most production hedges roll off. So those credit lines may well be needed to cover repayments. Even a small cut could leave E&P firms exposed or in outright breach of covenants. Such considerations lay behind Whiting Petroleum Corp.’s decision to file for bankruptcy at the beginning of the month, as analysts at CreditSights laid out in a recent report.For many firms, once you get beyond reserve-based lending, there’s precious little else to lend against. The capital stack is highly encumbered already. At almost 80%, energy high-yield issuers tracked by CreditSights have the highest proportion of net debt in their enterprise value of any major sector.You may notice things looked much better in 2016. Oil crashed that year, too, but investors still had hope then of oil prices coming back. E&P companies took full advantage with a banner year for equity issuance. Fast forward, and investors have been backing away from the sector, especially its most indebted members, way before Covid-19 went global and Saudi Arabia and Russia went postal. A fresh source of capital must be found.So it makes perfect sense that the government “loans” being touted around Washington look more like equity, because that’s what they would be, in practical terms. And the feds would be taking a position in E&P companies at a particularly bracing juncture, with oil prices in the tank and debt maturities rolling in. Exactly what they — I mean, we — would be taking on is something of a mystery, given the lack of clarity about oil demand, prices and production even six months out.Moreover, loans to the weakest E&P firms would perpetuate the underlying condition afflicting the sector before Covid-19 hit: too much production and too little risk management. If there’s too much oil, it’s less than optimal to put more money into the business of producing more oil. How about a government debtor-in-possession facility instead?At such times, we are lucky to have Continental Resources Inc. to exemplify the industry chutzpah of which, unlike cash, there is seemingly never a shortage. Having not bothered with boring stuff like hedging, founder Harold Hamm has alleged manipulation on the part of everyone from Saudi Arabia to “a flawed new computer model.” In the latest twist, Continental has reportedly invoked force majeure on a delivery contract for its oil — and honestly, caught on the wrong side of a price move, who hasn’t blamed God on occasion?Similarly, President Donald Trump’s administration has been throwing fistfuls of spaghetti at the wall to bail out oil and gas producers, ranging from threats of tariffs on foreign barrels to the notion of paying E&P firms to keep oil in the ground and rebranding it as a strategic reserve. Equity dressed up as loans would represent a further step down this path. God knows if it will actually happen, especially if House Democrats have a say. But like the hapless ETF investor, you may soon be the (proud?) quasi-owner of something to do with oil.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
As dividend cuts and suspensions have been rampant amid the coronavirus crisis, investors may take a look at these safer and quality dividend ETF picks.
The founder of Continental Resources Inc <CLR.N>, an ally of U.S. President Donald Trump, is pressing the U.S. commodity markets regulator and the exchange to probe whether market manipulation or system failure was behind this week's unprecedented plunge in U.S. crude futures. Continental's executive chairman Harold Hamm sent a letter dated Tuesday, April 21, to the U.S. Commodity Futures Trading Commission asking the regulator to probe whether "potential market manipulation, failed systems or computer programming failures" was behind Monday's price crash, which took U.S. oil futures into negative territory for the first time.
Market forces rained on the parade of Continental Resources, Inc. (NYSE:CLR) shareholders today, when the analysts...
Continental (CLR) estimates global demand for crude oil and products to get affected by 30% as the coronavirus pandemic is hurting global energy demand.
Those holding Continental Resources (NYSE:CLR) shares must be pleased that the share price has rebounded 48% in the...
Russia on Tuesday confirmed its participation in the meeting of leading oil producers set for April 9, joining Saudi Arabia and the rest of the OPEC members. The conference, due to be held via a video link, had been initially scheduled for April 6 but was delayed amid a war of words between Russia and Saudi Arabia. "Oil prices are holding their ground with market expectations building on an agreement for an output reduction of 10 million barrels per day (bpd), or at least close to 10 million bpd," BNP Paribas (PA:BNPP) analyst Harry Tchilinguirian told the Reuters Global Oil Forum.
Investors need to pay close attention to Continental Resources (CLR) stock based on the movements in the options market lately.
Can Donald Trump achieve what OPEC itself couldn’t? The U.S. president’s tweets on Thursday that he expected Saudi Arabia and Russia to resume production cuts sent a market battered on demand destruction and a supply gut soaring about 25% in early New York trade. "Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia,&I expect&hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil&gas industry!" Trump said in his first of two tweets on the matter.
Today is shaping up negative for Continental Resources, Inc. (NYSE:CLR) shareholders, with the analysts delivering a...