(Reuters) – Continental Resources Inc, one of the largest oil producers in North Dakota’s Bakken shale formation, announced a two-for-one stock split on Monday.
The company, whose shares have risen 58 percent in the past year, plans to split its stock on Sept. 10 for shareholders of record as of Sept. 3. Continental is issuing the extra shares in the form of a special stock dividend.
Companies typically split their stock after a long period of accumulation to attract a wider range of investors.
Shares of Continental rose slightly to $145.84 in after-hours trading on Wednesday.
(Reporting by Ernest Scheyder; Editing by Steve Orlofsky)