Take Advantage of the Momentum in Continental Resources By StockNews – Investing.com

Take Advantage of the Momentum in Continental Resources By StockNews – Investing.com

© Reuters. Take Advantage of the Momentum in Continental Resources

Continental Resources (NYSE:) has been one of the best performing stocks in the energy industry, driven by bullish market trends and rising oil prices. And as the global economy continues to emerge from the pandemic-induced recession, we think the rising demand for oil should fuel CLR's growth and help the stock maintain its momentum in the near term. So, let's take a closer look.Shares of Oklahoma City, Okla.-based crude oil and producer Continental Resources, Inc. (CLR) have been among the biggest gainers in the industry over the past year. CLR has gained 127.9% year-to-date, while the SPDR S&P Oil & Gas Exploration and Production ETF (XOP), which represents the broader oil and gas industry, has returned 63.9%. CLR has gained 133.3% over the past six months and 21.5% over the past month. The stock is currently trading slightly below its 52-week high of $37.31, which it hit on June 16.

The oil and gas industry's stellar rebound has been one of the major drivers behind CLR's impressive momentum. Recuperating industrial and manufacturing activities have driven a solid improvement in the company's sales. Supply related issues in the United States due to