NEW YORK (TheStreet) -- Shares of Continental Resources (CLR - Get Report) are higher by 8.40% to $34.70 in late afternoon trading on Thursday following the release of the energy company's 2015 second quarter earnings results after yesterday's market close.

The company's financial results beat analysts' expectations for the quarter.

For the most recent quarter Continental Resources said its adjusted net earnings were 13 cents per diluted share on revenue of $796.4 million.

Analysts surveyed by Thomson Reuters were looking for earnings of 4 cents per share on revenue of $710.8 million for the quarter.

The company's better than expected earnings were the result of cutting costs to offset plunging crude prices, Reuters reports.

Oil prices have been struggling for more than a year as a result of a global over supply and Middle Eastern oil producers' refusal to cut production in order to protect market share.

Separately, TheStreet Ratings team rates CONTINENTAL RESOURCES INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate CONTINENTAL RESOURCES INC (CLR) a HOLD. The primary factors that have impacted our rating are mixed-some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."

You can view the full analysis from the report here: CLR Ratings Report

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