Canaccord Genuity Reiterates Buy on Continental Resources (CLR) After Meeting with Management

October 7, 2016 10:15 AM EDT
Get Alerts CLR Hot Sheet
Price: $51.61 +1.37%

Rating Summary:
    28 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Canaccord Genuity reiterated a Buy rating on Continental Resources (NYSE: CLR), and raised the price target to $60.00 (from $51.00), after meeting with management and touring company STACK sites. Canaccord came away feeling even stronger about its prospects.CLR also announced $613M in non-core asset sales YTD in 2016, with more possible.

Analyst Stephen Berman commented, "CLR is the largest leaseholder in the Williston Basin (WB) with ~900K net acres, and a pioneer in the development of the STACK/SCOOP plays in Oklahoma, where it is also the largest and most active leaseholder with ~925K net reservoir acres and is achieving impressive results. While the stock has more than tripled from its January 2016 lows vs. a gain of only 64% for the S&P Oil & Gas E&P Index, we believe it has further upside, driven by exploiting its top-tier assets and further improvement in the balance sheet. We are raising our price target to $60, which represents the average of a ~$62 NAV (up from ~$56.50) and a 12.0x EV/EBITDA multiple on our 2017E EBITDA of ~$2.3B."

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 $54.32 yesterday.

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