Stock Alert: Continental Resources Tumbles 19%

(RTTNews) - Shares of Continental Resources Inc. (CLR) are down more than 19 percent in the morning trade on Thursday to $16.75, despite the oil and gas exploration and production company reporting fourth-quarter earnings that beat analyst's estimates.

The stock has traded in a range of $14.77 to $52.04 in the past 52 weeks.

Wednesday, the company reported net income for the fourth quarter of $193.95 million, down from $197.74 million in the same period last year. Earnings per share were flat with the prior-year period at $0.53.

Excluding items, adjusted earnings were $0.55 per share, compared to $0.54 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.52 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter increased to $1.20 billion from $1.15 billion in the year-ago quarter.

The company said its 2020 capital expenditures budget is flat year-over-year at $2.65 billion. Estimated capex spend is approximately 20 percent lower than the company's original Five Year Vision estimate for 2020.