Continental Resources Earnings Preview: Get Ahead of the Analysts

Continental Resources (NYSE:CLR) will report earnings after markets close on Wednesday, May 8th. 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.

Here is your Cheat Sheet to Continental Resources Earnings:

Earnings Expectations: Analysts expect earnings of $1.13 per share on revenues of $766.60 million. Currently, the company’s P/E ratio stands at 19.03.

Analyst Trends:

Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.09 to a profit $1.21. For the current year, the average estimate is a profit of $5.11, which is better than the estimate ninety days ago.

Earnings Trends:

Here’s how Continental Resources has been performing on an annual basis:

Fiscal Year 2008 2009 2010 2011 2012
Revenue ($) in millions 960.49 626.21 839.06 1,650 2,573
Diluted EPS ($) 1.89 0.42 0.99 2.41 4.07

Next, our CHEAT SHEET investing framework asks us to drill down to the recent quarterly data:

Quarter Dec. 31, 2011 Mar. 31, 2012 Jun. 30, 2012 Sep. 30, 2012 Dec. 31, 2012
Revenue ($) in millions 114.12 395.10 1,005 483.73 688.97
Diluted EPS ($) -0.6237 0.38 2.25 0.24 1.198

Past Performance:
Continental Resources has beat analyst estimates 2 times in the past four quarters. This is not consistent enough to get bullish yet.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at]