Continental Resources Hikes Dividend by 15%

Petroleum and natural gas exploration and production company Continental Resources, Inc. (NYSE: CLR) recently announced a quarterly dividend of $0.23 per share, a 15% increase from the previous dividend of $0.20.

The dividend will be paid on March 4, 2022, to shareholders of record as of February 22, 2022.

Following the news, shares of the company gained marginally to close at $55.55 in Wednesday’s extended trading session.

The company’s annual dividend of $0.92 per share now reflects a dividend yield of 1.7% based on Wednesday’s closing price.

Management Commentary

The CEO of Continental Resources, Bill Berry, said, “This dividend represents a $0.03, or 15%, increase to the Company’s $0.20 per share quarterly dividend paid in fourth quarter 2021 and equates to an approximately 1.7% annualized dividend yield1, underscoring the Company’s commitment to having a competitive and growing fixed dividend as part of its unique shareholder value proposition.”

Stock Ratings

Recently, RBC Capital analyst Scott Hanold upgraded the stock from a Hold to a Buy with a price target of $70, which implies upside potential of 26.1% from current levels.

Consensus among analysts is a Hold based on 7 Buys, 6 Holds and 3 Sells. The average Continental Resources price target of $59.56 implies upside potential of 7.3% from current levels. Shares have gained 140.4% over the past year.

News Sentiment

News Sentiment for Continental Resources is Neutral based on 7 articles over the past seven days. 100% of the articles have Bearish sentiment, compared to a sector average of 63%.

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