NEW YORK (TheStreet) -- Shares of Continental Resources Inc. (CLR) are higher by 13.51% to $36.89 in early afternoon trading on Wednesday, as the energy sector gets a boost from the slight gain in oil prices.
Brent crude for January delivery is higher by 3.43% to $57.85 in early afternoon trading on the NYMEX.
The rise in oil prices is due to a smaller than expected drop in U.S. crude supplies, MarketWatch reports.
The U.S. Energy Information Administration said crude oil inventories were lower by 800,000 barrels for the week ended December 12. Analysts polled by Platts had expected a decline of 2.5 million barrels, MarketWatch added.
Separately, TheStreet Ratings team rates CONTINENTAL RESOURCES INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONTINENTAL RESOURCES INC (CLR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."