Barrington Trims Price Targets on E&P Names (CLR) (NFX) (SM) (WLL)

Barrington Research maintained an Outperform rating on Continental Resources (NYSE: CLR) and lower its price target to $62.00 (from $85.00), Newfield Exploration Co (NYSE: NFX), Sm Energy Company (NYSE: SM), Whiting Petroleum (NYSE: WLL) were also maintained at Outperform with modified price target of $43, $69, and $81 (from $47,$102, $122). The change follows OPEC decision not to cut interest production and a decline in oil prices. Analyst Rudolf A. Hokanson thinks today's reaction is overdone.

"WTI is now trading at below $70 per barrel. As many commentators said, the markets were expecting this. But that doesn’t mean the markets don’t react," said Hokanson.

"We think the stocks already reflected much of this news, but in the near term, markets will have a great deal of noise and so equity pricing will be difficult as seen in the reactions on November 28. From the analysis and speculation we have read, this spring is likely to be a time when OPEC meets again to determine what actions they will continue to take or alter," he added.

For an analyst ratings summary and ratings history on Continental Resources click here. For more ratings news on Continental Resources click here.

Shares of Continental Resources closed at $51.17 yesterday.

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