Published on 18 Oct 2022 on Zacks via Yahoo Finance
Continental Resources (CLR) Moves 8.7% Higher: Will This Strength Last?
Continental Resources (CLR) shares ended the last trading session 8.7% higher at $74.14. 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 2.3% loss over the past four weeks.
Continental Resources’ shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices which makes it well positioned to generate record-breaking free cash flows this year. This is because Continental Resources 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 $3.32 per share in its upcoming report, which represents a year-over-year change of +176.7%. Revenues are expected to be $2.74 billion, up 104.5% from the year-ago quarter.