Continental Resources Inc.’s Upcoming Third Quarter Earnings Release

Continental Resources, Inc. (NYSE:CLR) will unveil its latest earnings on Wednesday, November 2, 2011. 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.

Continental Resources, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for profit of 67 cents per share, a rise of 59.5% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 66 cents. Between one and three months ago, the average estimate was unchanged. It has risen during the last month. Analysts are projecting profit to rise by 38% versus last year to $2.54.

Past Earnings Performance: The company is hoping to beat estimates after missing the mark for two straight quarters. Last quarter, it reported net income of 60 cents per share against an estimate of profit of 61 cents per share. The quarter before that, it missed forecasts by one cent.

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Wall St. Revenue Expectations: Analysts are projecting a rise of 86.1% in revenue from the year-earlier quarter to $408.4 million.

Analyst Ratings: 11 out of 19 analysts surveyed (57.9%) have a buy rating on Continental Resources.. This is below the mean analyst rating of 10 competitors, which average 71.3% buy ratings.

A Look Back: In the second quarter, profit rose more than twofold to $239.2 million ($1.33 a share) from $101.7 million (60 cents a share) the year earlier, but fell short analyst expectations. Revenue rose 77.5% to $398.4 million from $224.5 million.

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past four quarters. Over that span, the company has averaged growth of 50.9%, with the biggest boost coming in the most recent quarter when revenue rose 77.5% from the year earlier quarter.

Continental Resources’ profit last quarter followed losses in the previous two quarters. The company reported a loss of $137.2 million in the first quarter and a loss of $45 million in the fourth quarter of the last fiscal year.

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).

Stock Price Performance: During September 29, 2011 to October 27, 2011, the stock price had risen $11.12 (21.9%) from $50.80 to $61.92. The stock price saw one of its best stretches over the last year between June 27, 2011 and July 7, 2011 when shares rose for eight-straight days, rising 12.8% (+$7.73) over that span. It saw one of its worst periods between July 29, 2011 and August 8, 2011 when shares fell for seven-straight days, falling 29.7% (-$20.39) over that span. Shares are up $3.07 (+5.2%) year to date.

(Source: Xignite Financials)

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