NEW YORK (TheStreet) -- Continental Resources (CLR) - Get Report stock is soaring 13.25% to $20.30 Thursday after the company released its fourth quarter 2015 earnings yesterday after the market closed and said it would cut planned capital spending this year by 66%.
The Oklahoma City-based oil and gas company reported a loss of 23 cents a share for the latest quarter, while analysts projected a loss of 21 cents a share. A year ago, the company reported a profit of $1.14 a share.
Revenue of $575.5 million topped expectations of $569.3 million but declined from $1.3 billion a year ago.
Year-over-year, oil and gas sales slumped 39%. To counter this, the company said it would reduce 2016 capital spending and make more cuts if needed.
Also lifting shares up today were rallying oil prices. Crude oil (WTI) is jumping 2.46% to $32.94 per barrel and Brent crude is rallying 2.18% to $35.13 per barrel.
Oil prices bounced back from earlier losses following the news that the Organization Petroleum Exporting Countries (OPEC) and Russia had agreed to meet in March to talk about capping crude production at January levels, according to Bloomberg.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D+.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLR