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Downgrade Alert for Continental Resources (CLR)

By Nick Russo

Continental Resources (NYSE:CLR) was downgraded from Overweight to Equalweight at Capital One today. The stock closed yesterday at $39.34 on volume of 6.9 million shares, above average daily volume of 6.5 million.

Continental Resources share prices have moved between a 52-week high of $53.58 and a 52-week low of $13.94 and closed yesterday at 182% above that low price at $39.34 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.3% while the 200-day MA has remained constant.

Continental Resources has overhead space with shares priced $39.34, or 7.0% below the average consensus analyst price target of $42.30. Continental Resources shares have support at the 200-day moving average (MA) of $29.25 and additional support at the 50-day MA of $28.76.

Continental Resources, Inc. and its subsidiaries explore, exploit, develop, and acquire oil and gas reserves, primarily in the Rocky Mountains and the MidContinent, as well as in the Gulf Coast region of Texas and Louisiana. The Company also owns and operates natural gas pipelines, gathering systems, and processing plants.

SmarTrend recommended that subscribers consider buying shares of Continental Resources on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.00. Since that recommendation, shares of Continental Resources have risen 70.4%. We continue to monitor CLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Continental Resources

Ticker(s): CLR