Canaccord Genuity Maintains a 'Hold' on Continental Resources (CLR); Cutting PT on Tough Q1
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Price: $74.27 --0%
Rating Summary:
19 Buy, 24 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
Rating Summary:
19 Buy, 24 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Canaccord Genuity maintains a 'Hold' on Continental Resources (NYSE: CLR) price target lowered from $88 to $83.
Analyst, John Gerdes, said, "We are maintaining our rating and decreasing our target due to a higher gas composition and higher capital intensity. This was a tough quarter for Continental. The company confirmed our view that above-guidance capital spending drove the previously announced production beat. Additionally, production was gassier than anticipated as oil composition dropped from 72% to 70% sequentially. Operationally, Bakken initial rates were lower while extended well performance from the second Three Forks bench was modestly disappointing. (To be fair, Continental showed outstanding cost control, with operating expense 12% below our estimate.) Finally, costs to rail Bakken crude to seaborne markets were almost double our expectation at ~$20/Bbl. Pipelines linking the Midwest to the coast are unlikely to commence before ’14."
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 $77.69 yesterday.
Analyst, John Gerdes, said, "We are maintaining our rating and decreasing our target due to a higher gas composition and higher capital intensity. This was a tough quarter for Continental. The company confirmed our view that above-guidance capital spending drove the previously announced production beat. Additionally, production was gassier than anticipated as oil composition dropped from 72% to 70% sequentially. Operationally, Bakken initial rates were lower while extended well performance from the second Three Forks bench was modestly disappointing. (To be fair, Continental showed outstanding cost control, with operating expense 12% below our estimate.) Finally, costs to rail Bakken crude to seaborne markets were almost double our expectation at ~$20/Bbl. Pipelines linking the Midwest to the coast are unlikely to commence before ’14."
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 $77.69 yesterday.
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