Ticonderoga Maintains a 'Buy' on Continental Resources (CLR); First Look—1Q Results Reaffirm Strong Growth Outlook, Superior Profitability

Ticonderoga maintains a 'Buy' on Continental Resources (NYSE: CLR), PT $78.

Ticonderoga analyst says, "Continental Resources was one of the earliest movers in the Bakken Shale and is now the largest leaseholder (868,900 net acres) and most active driller in the play. The Bakken is the premier oil play in the U.S., with production volumes expected to rise from roughly 350,000 boe/d today to 800,000-1,000,000 boe/d by 2015, and CLR’s growth should be commensurate."

"CLR is a low-cost oil producer generating industry-leading margins. The Bakken, along with newer oil/liquids growth assets in the Cana Woodford and the emerging Niobrara Shale, provide a considerable opportunity set for a company that ranks as one of the most efficient operators within the sector (5-yr F&D recycle ratio of 4.3x). CLR has 1.6 Bboe of risked non-proved reserve potential included in our NAV (3.2 Bboe unrisked), nearly 4.4x its proven reserve base."

For more ratings news on Continental Resources click here and for the rating history of Continental Resources click here.

Shares of Continental Resources closed at $62.89 yesterday.

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