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Upgrade Alert for Continental Resources (CLR)

By James Quinn

Continental Resources (NYSE:CLR) was upgraded from Neutral to Buy at SunTrust today. The stock closed yesterday at $41.31 on volume of 4.7 million shares, below average daily volume of 6.1 million.

There is potential upside of 2.4% for shares of Continental Resources based on a current price of $41.31 and an average consensus analyst price target of $42.30. The stock should discover initial support at its 50-day moving average (MA) of $31.03 and subsequent support at its 200-day MA of $29.26.

In the past 52 weeks, Continental Resources share prices have been bracketed by a low of $13.94 and a high of $53.40 and closed yesterday at $41.31, 196% above that low price. The 200-day and 50-day moving averages have moved 0.06% higher and 5.18% higher over the past week, respectively.

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 May 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.85. Since that recommendation, shares of Continental Resources have risen 7.8%. 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