Continental Resources’ stock performance
In 2016, Continental Resources’ (CLR) stock has mostly followed an uptrend. Although CLR’s stock has traded above its 50-day moving average (or DMA) for most of 2016, it looks like the stock is about to cross under the 50-DMA.
However, as shown in the graph above, the stock has not traded below the 50-DMA for long durations. On December 12, 2016, CLR stock was trading ~2.4% above its 50-DMA.
CLR’s stock broke above its 200-DMA in mid-March and continues to trade above it. The fact that the 50-DMA has been trading above the 200-DMA is a bullish sign.
On December 12, 2016, Continental Resources’ stock was trading ~22% above its 200-DMA. Year-over-year, CLR’s stock has risen 101%. Meanwhile, peers Cimarex Energy (XEC), Concho Resources (CXO), and Hess (HES) have risen 39%, 38%, and 30%, respectively. Together, these companies make up 8.3% of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).
Recovery in 2016
Continental Resources’ stock has recovered significantly in 2016. Year-to-date, CLR has risen ~131%. CLR’s aggressive strategy to counter low prices and the turnaround in crude oil prices have contributed to this increase.