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UPDATE: Jefferies Upgrades Continental Resources from Hold to Buy; Valuation Reasonable

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Jefferies raises its rating on Continental Resources (NYSE: CLR) from Hold to Buy while reiterating its $86 price target.

Jefferies comments, "Valuation Is Reasonable … with an enterprise value of $14.5B, we estimate the shares are reflecting ~ 1,000 probable Bakken locations. Continental has over 3,000+ unbooked locations assuming 320-acre spacing each for Bakken and Three Forks targets. Our calculation also gives no credit for Anadarko Woodford locations beyond the 120 locations booked as pud's."

CLR closed at $69.02 on Tuesday.

Latest Ratings for CLR

DateFirmActionFromTo
Oct 2014WunderlichMaintainsHold
Oct 2014BarclaysMaintainsOverweight
Sep 2014BarclaysMaintainsOverweight

View More Analyst Ratings for CLR
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Upgrades Price Target Pre-Market Outlook Analyst Ratings

 

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