This company has been acquired
Continental Resources (CLR) 주식 개요
Continental Resources, Inc. explores for, develops, produces, and manages crude oil, natural gas, and related products primarily in the north, south, and east regions of the United States. 자세히 보기
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Continental Resources, Inc. 경쟁사
가격 이력 및 성과
| 과거 주가 | |
|---|---|
| 현재 주가 | US$74.27 |
| 52주 최고가 | US$75.49 |
| 52주 최저가 | US$40.75 |
| 베타 | 2.33 |
| 1개월 변동 | 0.50% |
| 3개월 변동 | 3.89% |
| 1년 변동 | 50.41% |
| 3년 변동 | 133.55% |
| 5년 변동 | 61.28% |
| IPO 이후 변동 | 953.48% |
최근 뉴스 및 업데이트
Continental Resources large holder says Hamm revised offer is still too low
Harold Hamm's latest offer to take Continental Resources (NYSE:CLR) private is still too low, according to Smead Capital Management, the oil explorer's biggest minority investor. Cole Smead, president and portfolio of Smead Capital believes that the $74.28/share offer is too low and Hamm should pay about $90, according to a Bloomberg report, which cited an interview with Smead. Continental Resources (CLR) rose 8.6% on the Hamm news. Smead said he would like to see Devon Energy (DVN) make a bid for Continental Resources (CLR). A shareholder vote isn't required for Hamm to complete his takeover of CLR. Smead told Bloomberg he's deciding whether to take legal action. Smead Capital, which owned 7.1 million shares or a 1.97% stake in Continental Resources (CLR), is the largest shareholder after Hamm and his family. Smead's latest comments come after the investor said in late June that said that billionaire Hamm was trying to "steal" the shale driller from shareholders with his original bid and that Continental (CLR) is worth $100/share at a minimum.Continental Resources Is A Strong Pure-Play Oil Stock
Summary Continental Resources is a large pure-play energy company with a market capitalization of more than $20 billion and unique assets. The company is continuing to generate a more than 20% FCF that can be expected to continue growing. Overall, we recommend cautiously investing in Continental Resources and its future shareholder return potential. Continental Resources (CLR) is one of the larger pure-play petroleum companies, with a market capitalization of roughly $25 billion. The company's strong business means it remains near all-time highs in a volatile oil environment and, as we'll see throughout this article, the company has the ability to drive substantial shareholder returns. Continental Resources' Assets Continental Resources has a strong portfolio of assets that we expect to enable strong returns for investors. Continental Resources Investor Presentation Continental Resources has significantly revamped its portfolio and moved into an environment where it's generating strong and consistent FCF. The company has high margins and a distributed portfolio of assets in some of the most important oil-producing assets in the United States. The company is continuing to maintain a unique ability to respond to volatile oil prices. Continental Resources' Performance Continental Resources' business has continued to perform incredibly well, supporting continued performance. Continental Resources Investor Presentation Continental Resources is continuing to produce substantially, with almost 200 thousand barrels/day of production and more than 1 billion cubic feet per day in natural gas production. The company has managed to use its financials to substantially reduce its net debt with $5.75 billion in net debt currently, reduced by >$800 million in 2Q 2022. The company's pace of debt decreases show its financial strength in a strong price market. The company paid $100 million in dividends and is maintaining its dividend yield of <2%. Right now, the company is directing most cash to net debt pay down; however, it still has the cash to drive substantial overall shareholder returns. Continental Resources' Guidance The company's overall financial strength is shown through its continued financial performance in line with its guidance. Continental Resources Investor Presentation Continental Resources is guiding for $2.65 billion in capital spending with FCF after capital spending of roughly $4.5 billion. That's an almost 20% FCF yield, showing the company's strength as it continues to be disciplined about reinvestment while generating massive cash flow. The company gets a slight decrease in oil premium but a large increase in natural gas premium. The company is expecting costs to rise slightly from a production perspective; however, overall, cash flow is expected to remain strong. Continental Resources' Financial Assets Continental Resources has an impressive portfolio of financial assets to drive future shareholder returns. Continental Resources Investor Presentation Continental Resources is continuing to improve its debt profile. The company's net debt of just under 0.9x net debt to TTM EBITDAX is incredibly manageable, and the company's debt maturity profile is filled with low interest debt that it can comfortably pay off as it comes due. Through the end of the decade, the company has just under $3.5 billion in debt due, a number it can easily afford. Continental Resources' Shareholder Returns Continental Resources has the ability to drive future shareholder returns. The company's current guidance is for $4.5 billion in FCF, representing a 20% FCF yield. The company is semi-optimistic with prices here in its assumption, so there's definitely a chance that they could drop some. The company's debt load is incredibly manageable, and the company has the cash flow to continue increasing it. The company's debt costs it roughly $200 million in annual interest and at the rate the company is paying it, that would allow it to repay all of its debt in 7 quarters. The company's strong financial positioning means that once it reduces its debt further, it can undertake a variety of different shareholder return paths, making the company a valuable investment.Continental Resources: Projected To Generate Close To $2 Billion In 2H 2022 Cash Flow Now
Summary Continental is unhedged on oil, so its near-term cash flow is fully affected by swings in oil prices. It is still projected to generate close to $2 billion in 2H 2022 cash flow before dividends. My outlook on long-term WTI oil prices is unchanged at $70. The reduction in near-term cash flow projections does bring Continental's estimated value down to the mid-$70s, closer to Hamm's $70 offer. The estimated value of Continental Resources' (CLR) stock has come down a bit due to the decline in oil prices. I haven't changed my outlook on long-term oil prices (which I am maintaining at roughly $70 WTI oil). However, Continental has no oil hedges, so the decline in nearer-term (such as 2H 2022 and 2023) oil prices reduces the additional cash flow it could deliver at strip compared to $70 oil. I now estimate Continental's value at approximately $76 to $77 per share in a scenario where commodity prices follow current strip until the end of 2023 and then end up at long-term prices of $70 WTI oil and $4.00 NYMEX gas. Harold Hamm's non-binding offer to take Continental private at $70 per share will likely keep Continental's price from falling much further unless the outlook for oil prices craters (resulting in an increased chance of Hamm pulling the offer). A situation where oil prices drift moderately lower would likely result in the special committee supporting the $70 offer or attempting to negotiate a modest increase to that offer. Hedges Continental is unhedged on crude oil (except for NYMEX roll swaps). It does have the majority of its 2H 2022 natural gas production hedged, as well as around 43% of its 2023 natural gas production and 31% of its 2024 natural gas production hedged (based on 2H 2022 production levels at least). Continental's 2H 2022 hedges have around negative $325 million in value at current strip, while its 2023 to 2025 hedges have around negative $441 million in value at current strip. Continental's Hedges (Continental Resources - Q2 2022 - 10Q) 2H 2022 Outlook The strip for the second half of 2022 has come down considerably, to around $84 for WTI oil (including actuals to date) and $7.50 for Henry Hub gas. At those prices, Continental is projected to generate $4.92 billion in oil and gas revenue for the second half of 2022 before hedges. It expects increased production in the second half, with oil production around 213,500 barrels per day. As noted above, Continental's 2H 2022 natural gas hedges have around negative $325 million in estimated value. Units Price Per Unit Revenue ($ Million) Oil (Barrels) 39,284,000 $81.50 $3,202 Natural Gas [MCF] 212,888,000 $8.00 $1,703 Net Service Operations $15 Hedge Value -$325 Total $4,595 Continental has around $1.48 billion left for its capital expenditure budget for 2022, which leads to a projection that it could generate $1.945 billion in positive cash flow in the second half of 2022 before dividends (around $203 million at $0.28 per share per quarter). $ Million Operating Costs $310 Production Tax $380 Cash SG&A $95 Cash Interest $135 Cash Taxes $250 Capital Expenditures $1,480 Dividend $203 Total Expenditures $2,853Continental Resources Might Deserve A Premium Valuation, But Not Based On These Financials
Summary This article seeks to provide a valuation and pricing comparison for CLR vs the Top Oil and Gas Exploration and Production Stocks. I will provide a pricing mechanism for CLR by comparing its financial metrics to the rest of the industry, assessing its financial health, and finally attempting to find an appropriate valuation method. I give Continental Resources, Inc. an overall financial health score of 97.8% and a 47.4% current price attractiveness score relative to its peers. Continental Resources, Inc. is ranked 30th out of the Top 65 Oil and Gas Exploration and Production Stocks in terms of its relative valuation attractiveness. Recessions. Inflation. Ukraine. COVID. Energy Prices. All keywords trending strongly across the news spectrum currently, giving investors major concerns about what the short and medium-term futures are for their portfolios. Will the combination of raised interest rates and record inflation smash consumer spending? How deep will the recession be? Has the Fed truly lost control? Will the Ukraine war carry on and will Putin raise the stakes? But with all the disorder and confusion in the market as it tries to make sense of the world at large, an opportunity for investors presents itself in the Energy sector, which is historically well insulated from inflation and interest rates, while geopolitical turmoil is driving energy prices higher to the benefit of the industry. So I'm exploring the list of the top 65 oil and gas exploration and production companies to uncover opportunities for investors and try to find a number of well-priced firms worth further consideration. The next firm in the spotlight is Continental Resources, Inc. (CLR), a firm focused on the exploration and production of crude oil and natural gas in the US. We'll break down the firm's base financial health, take a look at its broad-based valuation attractiveness, and attempt to price the firm against its peers. (Data & prices correct as of pre-market 6th September 2022) (The Top Oil and Gas Exploration and Production Stocks referred to can be found on this Seeking Alpha screener) Want to skip the analysis & go straight to finding out who had the best (or worst) valuations in Oil & Gas? Download my research for free here Continental Resources' Base Financial Health First is a breakdown of CLR's financial health metrics, and here we see near-perfect scores, with the only item of any noteworthy consideration being the firm's debt to equity ratio, which only presents a small profitability risk, but by no means is significant. We have no concerns in all other areas of the business' financials. Author, Seeking Alpha Summarizing the metrics and weighting the scores, CLR walks away with a 97.8% financial health score, with only a very reasonable debt as a mark against the firm. Author, Seeking Alpha Assessing Continental Resources' Pricing Attractiveness The next step is to assess CLR's valuation attractiveness. To explain this assessment, we're not trying to value the firm, but rather, assess if the firm is largely fairly valued compared to its peers on an "at a glance" basis. Here we're looking to see if there are any "extreme" valuation metrics to be aware of, in the context of the peer group. After applying weights to each of these metrics, the market appears to be pricing CLR at a premium compared to the industry peer group, with a weighted valuation attractiveness score of 47.4% Author, Seeking Alpha Finding An Appropriate Valuation Method For Continental Resources Now we will attempt to find a pricing mechanism for CLR that gives us a price target based on peer comparison. Having already determined which metrics are good indicators for the industry, we can eyeball the total list of normal and abnormal metrics and jump straight into the more focused list of valuation metrics. Author, Seeking Alpha Here we see why the valuation attractiveness score suggested the firm's current valuation is priced at a premium. We can see that on a price-to-earnings or free cashflow basis, the firm is reasonably priced, but in terms of price to revenue and price to free cash flow margin, there is a suggestion that the firm could suffer price weakness. The weighted price target points to a 45% downside risk at $38.27, quite a severe downward pricing revision, but this is brought on by the firm's poor cashflow margins, book valuation and premium price to revenue. Author, Seeking Alpha Closing Remarks My analysis leads me to believe that investors may see value in CLR beyond the financial statements as shown above, including some very strong future expectations of growth and profitability, however on a peer comparison basis, the firm appears to be significantly overpriced.Recent updates
주주 수익률
| CLR | US Oil and Gas | US 시장 | |
|---|---|---|---|
| 7D | 0.2% | -5.6% | 1.4% |
| 1Y | 50.4% | 15.3% | 25.7% |
수익률 대 산업: CLR은 지난 1년 동안 15.3%의 수익을 기록한 US Oil and Gas 산업보다 저조한 성과를 냈습니다.
수익률 대 시장: CLR은 지난 1년 동안 25.7%를 기록한 US 시장보다 더 좋은 성과를 냈습니다.
주가 변동성
| CLR volatility | |
|---|---|
| CLR Average Weekly Movement | 4.2% |
| Oil and Gas Industry Average Movement | 6.0% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.8% |
| 10% least volatile stocks in US Market | 3.1% |
안정적인 주가: CLR는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.
시간에 따른 변동성: CLR의 주간 변동성(4%)은 지난 1년 동안 안정적이었습니다.
회사 소개
| 설립 | 직원 수 | CEO | 웹사이트 |
|---|---|---|---|
| 1967 | 1,254 | Bill Berry | www.clr.com |
Continental Resources, Inc. 기초 지표 요약
| CLR 기초 통계 | |
|---|---|
| 시가총액 | US$26.56b |
| 순이익 (TTM) | US$3.56b |
| 매출 (TTM) | US$9.34b |
CLR는 고평가되어 있습니까?
공정 가치 및 평가 분석 보기순이익 및 매출
| CLR 손익계산서 (TTM) | |
|---|---|
| 매출 | US$9.34b |
| 매출원가 | US$1.19b |
| 총이익 | US$8.15b |
| 기타 비용 | US$4.59b |
| 순이익 | US$3.56b |
최근 보고된 실적
Sep 30, 2022
다음 실적 발표일
해당 없음
| 주당순이익(EPS) | 9.96 |
| 총이익률 | 87.21% |
| 순이익률 | 38.13% |
| 부채/자본 비율 | 61.1% |
CLR의 장기 실적은 어땠습니까?
과거 실적 및 비교 보기배당
기업 분석 및 재무 데이터 상태
| 데이터 | 최종 업데이트 (UTC 시간) |
|---|---|
| 기업 분석 | 2022/11/23 16:05 |
| 종가 | 2022/11/22 00:00 |
| 수익 | 2022/09/30 |
| 연간 수익 | 2021/12/31 |
데이터 소스
당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.
| 패키지 | 데이터 | 기간 | 미국 소스 예시 * |
|---|---|---|---|
| 기업 재무제표 | 10년 |
| |
| 분석가 컨센서스 추정치 | +3년 |
|
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| 시장 가격 | 30년 |
| |
| 지분 구조 | 10년 |
| |
| 경영진 | 10년 |
| |
| 주요 개발 | 10년 |
|
* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.
별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.
분석 모델 및 스노우플레이크
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산업 및 섹터 지표
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분석가 소스
Continental Resources, Inc.는 43명의 분석가가 다루고 있습니다. 이 중 11명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
| 분석가 | 기관 |
|---|---|
| Joseph Allman | Baird |
| Thomas Driscoll | Barclays |
| Rudolf Hokanson | Barrington Research Associates, Inc. |