Continental Resources Earnings Cheat Sheet: Misses Wall Street View

On top of swinging to a loss in the most recent quarter, Continental Resources, Inc. (CLR) also came in short of analyst estimates. Continental Resources, Inc. is an independent crude oil (NYSE:USO) and natural gas (NYSE:UNG) exploration and production company with operations in the North, South and East regions of the United States.

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Continental Resources Earnings Cheat Sheet for the First Quarter

Results: Swung to a loss of $137.2 million (80 cents/diluted share) in the quarter. The oil and gas company had net income of $72.5 million or 43 cents per share in the year earlier quarter.

Actual vs. Wall St. Expectations: CLR fell short of the mean analyst estimate of 55 cents/share. Estimates ranged from 44 cents per share to 65 cents per share.

Quoting Management: “Production growth continues to trend higher in the second quarter, and we are solidly on track to achieve our 2011 target of 35-to-37 percent growth,” said Harold Hamm, Chairman and Chief Executive Officer. “We’ve made substantial progress in the past 16 months toward achieving our goal of tripling production and proved reserves from year-end 2009 to year-end 2014.”

Competitors to Watch: Abraxas Petroleum Corp. (NASDAQ:AXAS), Chesapeake Energy Corporation (NYSE:CHK), GeoResources (NASDAQ:GEOI), Atlas Energy (NASDAQ:ATLS), CAMAC Energy (AMEX:CAK), Linn Energy (NASDAQ:LINE), QEP Resources (NYSE:QEP), Gastar Exploration (AMEX:GST), Whiting Petroleum (NYSE:WLL), Marathon Oil (NYSE:MRO), Anadarko (NYSE:APC), Devon Energy (NYSE:DVN), Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), BP Plc (NYSE:BP), Apache (NYSE:APA) and EOG Resources, Inc. (NYSE:EOG)

Stock Performance: Shares of CLR are trading at $62.89 as of May 4, 2011 at 6:35 PM ET, down 4.5% from the previous closing price of $65.86.


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