Insider Trading Review: Continental Resources, Inc. (NYSE:CLR)


Continental Resources, Inc. (NYSE:CLR) insider has recently participated in insider trading activity. Sr. VP & CFO, Hart John D sold 2,500 shares for $108,060 via one transaction Jun 09. Following the transaction, the insider now owns 320,211 shares in total, priced at $13211905.86 as of Monday. Another notable insider trading was done by the same insider on Nov 06. Hart John D Sold 5,000 shares at an average price of $36.10 for a total of $180,510. Moreover, BOREN DAVID L carried out a sale of 5,000 shares at $41.10 each on May 20. The transaction amounted to $205,502. SVP, Land Owen Steven K sold 14,000 shares for $561,872 through one transaction May 10. Following this sale, this insider’s stake in the company comprises 252,753 shares, priced at $10428588.78 as of Monday.

The stock has experienced a total of 11 insider trades in the past three months. These trades include 5 sell activities and 6 buy trades. Furthermore, over the past 12 months, the stock was traded 38 times by insiders. In 20 of these trades, the insider was a seller while an employee of the company was the buyer in just 18 instances.

Continental Resources, Inc. (CLR) on May 4, 2016 reported a net loss of $198.3 million, or $0.54 per diluted share, for the quarter ended March 31, 2016. Adjusted net loss for first quarter 2016 was $150.5 million, or $0.41 per diluted share.

EBITDAX for first quarter 2016 was $314.6 million. Definitions and reconciliations of adjusted net loss, adjusted earnings per share and EBITDAX to the most directly comparable U.S. generally accepted accounting principles (GAAP) financial measures can be found in the supporting tables at the conclusion of this press release.

“We started 2016 with record quarterly production, lower operating costs and excellent results in STACK,” commented Harold Hamm, Continental’s Chairman and Chief Executive Officer. “The resilience of our production has allowed us to increase our production guidance for 2016 without increasing capex.  This reflects the quality of our assets and the success of our enhanced completion technology.  Our new production guidance includes curtailing production approximately 10,000 Boe per day from early April through July. The majority of the reduced production is in STACK and SCOOP. We are managing production volumes for higher oil and natural gas prices that we expect in second half 2016.”

Production Exceeds Expectations

First quarter 2016 net production totaled 21.0 million barrels of oil equivalent (Boe), or 230,800 Boe per day, up 3% from fourth quarter 2015 and 12% higher than first quarter 2015. Total net production for first quarter 2016 included 146,500 barrels of oil (Bo) per day (63% of production) and 506.0 million cubic feet (MMcf) of natural gas per day (37% of production).

Based on strong first quarter production, the Company increased its production guidance for 2016. The Company expects to exit the year between 190,000 and 200,000 Boe per day, which is an increase of 10,000 Boe per day. Likewise, 2016 average production is now expected to be between 205,000 and 215,000 Boe per day.


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