Continental Resources Inc. Earnings Cheat Sheet: Higher-Than-Expected Net Income

Continental Resources Inc. (NYSE:CLR) reported net income above Wall Street’s expectations for the most recent quarter. Continental Resources is an independent crude oil and natural gas 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 Third Quarter

Results: Net income for Continental Resources Inc. rose to $439.1 million ($2.44 per share) vs. $39.1 million (23 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Actual vs. Wall St. Expectations: CLR beat the mean analyst estimate of 67 cents per share.

Quoting Management: “We’re very pleased with such a solid well in our first test of the lower benches of the Three Forks,” said Harold Hamm, Chairman and Chief Executive Officer.

Key Stats:

The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by one cent, and in the first quarter, it fell short by one cent.

Looking Forward: The outlook for the company’s next quarter performance is unfavorable. Estimates have gone down from an average 74 cents per share to 73 cents over the past seven days. The average estimate for the fiscal year is $2.54 per share, a rise from $2.51 ninety days ago.

Competitors to Watch: GeoResources, Inc. (NASDAQ:GEOI), Atlas Energy, Inc. (NASDAQ:ATLS), CAMAC Energy Inc (AMEX:CAK), Linn Energy, LLC (NASDAQ:LINE), QEP Resources, Inc. (NYSE:QEP), Gastar Exploration Ltd. (AMEX:GST), Whiting Petroleum Corp. (NYSE:WLL), Marathon Oil Corporation (NYSE:MRO), Encore Energy Partners LP (NYSE:ENP), and Oasis Petroleum Inc. (NYSE:OAS).

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(Source: Xignite Financials)

 

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