CLR - Why Continental Resources Stock Is Soaring Today
Shares of Continental Resources (NYSE: CLR) were trading about 12% higher as of 11:50 a.m. EST on Friday. Fueling the oil stock 's rally were a debt redemption announcement and an analyst upgrade.
Continental Resources continues to take steps to shore up its balance sheet. It said Friday that it plans to redeem $400 million of its 5% senior notes due in 2022 on Jan. 5, 2021. That amounts to about 63% of the approximately $631 million of those notes. The announcement of that plan followed a recent debt offering that priced $1.5 billion of 5.75% senior notes due in 2031. The company had said it intended to use those funds to redeem a portion of its 2022 and 2023 senior notes and reduce its near-term debt maturities.
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Why Continental Resources Stock Is Soaring Today