Canaccord Genuity Increases Price Target on Continental Resources (CLR)
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Price: $74.27 --0%
Rating Summary:
19 Buy, 24 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 24 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintained a Buy rating on Continental Resources (NYSE: CLR) and increased its price target to $107.00 (from $94.00).
"We are increasing our target price $13 to $107 per share in accordance
with a 20% increase in capital spending to $3.4 billion per annum (our
prior expectation was $2.8 billion per year)," said analyst John Gerdes.
"Importantly, asset capital productivity is unchanged even with the substantive increase in capital outlays. Our growth expectation next year is 34%, which is toward the high end of company guidance (30-35%)," he said.
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 $78.11 yesterday.
"We are increasing our target price $13 to $107 per share in accordance
with a 20% increase in capital spending to $3.4 billion per annum (our
prior expectation was $2.8 billion per year)," said analyst John Gerdes.
"Importantly, asset capital productivity is unchanged even with the substantive increase in capital outlays. Our growth expectation next year is 34%, which is toward the high end of company guidance (30-35%)," he said.
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 $78.11 yesterday.
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