Continental Resources Inc. is poised to double the number of available shares, with a two-for-one stock split set for next month.
The Oklahoma City oil company’s stock has risen more than 35 percent this year. It closed Monday at $145.83, up $1.33 for the day.
Continental’s board approved the stock split Monday, the company announced. Additional shares will be distributed Sept. 10 to those who owned Continental stock a week earlier.
Officials are confident
“I want to congratulate and thank all those whose contributions have helped build this dynamic company to reach this milestone,” Continental CEO Harold Hamm said in a news release. “The split signifies our confidence in the company’s growth potential and also increases access to CLR as an investment opportunity for a broader range of investors who want to access the American energy renaissance CLR is helping to lead.
“We look forward to continuing to deliver top-tier organic oil growth for many years to come.”
Continental, which went public in 2007, currently has more than 184 million shares outstanding. Hamm holds about 68 percent of the company’s stock.