CLR - Continental Resources Is Tanking Today: Is the Market Overreacting?
Shares of oil producer Continental Resources (NYSE: CLR) tumbled Tuesday , falling by more than 10% at one point during the morning. That sell-off came even though the company posted strong fourth-quarter and full-year results Monday. As of 1:42 p.m. ET, the stock was down by 7.1%.
Two factors seem to be weighing on the oil stock: First, the de-escalating situation between Russia and Ukraine, and second, Continental Resources' own outlook for 2022 and beyond. On Tuesday, Russia said that it had begun returning some of its troops and weapons to their bases after military exercises near the Ukrainian border. This move is viewed as reducing the likelihood that Russia will invade Ukraine in the near future. The threat of such a conflict and the sanctions on Russia that would result from it have pushed oil prices higher in recent weeks, given that Russia is a major oil producer.
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Continental Resources Is Tanking Today: Is the Market Overreacting?