Continental Resources (CLR) PT Raised to $29 at Citi, Opens Positive Catalyst Watch
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Citi analyst Scott Gruber raised the price target on Continental Resources (NYSE: CLR) to $29.00 (from $2.00) while maintaining a Neutral rating.
The analyst comments "We update our CLR model following the company’s recent operational update. CLR’s update pointed to net debt improvement of ~$600 mm, which we believe is primarily operational (not driven by one-time items besides the storm impact). While working capital may benefit somewhat, we believe that a combination of strong wet gas pricing, better-than-forecast costs, and lower-than-expected capex all contributed. We forecast ~$800 mm of DCF or $2.23 in CFPS versus consensus at $663 mm and $1.90, respectively. We forecast capex of ~$260 mm (versus consensus at ~$300 mm), yielding FCF of ~$540 mm (versus $415 mm consensus), leaving some room for working capital contribution. We also believe that there’s a strong possibility that CLR reinstates a small dividend, which we peg at 5c quarterly (in line with previous). Given this potential and the potential for a cost beat/reduced guidance, we open a positive Catalyst Watch on CLR."
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