These Analysts See Upside At Continental Resources

In a report published Thursday, Canaccord Genuity analyst Stephen Berman maintained a Buy rating on

, with a price target of $54. The company is pioneering the development of SCOOP in Oklahoma where it is the largest leaseholder and producer in the play. In the report, Canaccord Genuity noted, "CLR reiterated its 2015 capex guidance of $2.7B and production growth guidance of 16%-20%...The company does, however, anticipate capex being front-end loaded. We assume over 60% of capex is spent in 1H/15." Berman mentioned that well results continue to be strong across the SCOOP, while adding, "We continue to believe that the SCOOP is under appreciated by the Street given its robust economics (~35% IRRs at $55 oil). Additionally, CLR announced its plans to drill its first well in the nearby STACK play in 1H/15." "Financially, CLR remains in strong shape with ~$1.9B of liquidity available as of February 17 (~$600M drawn on its $2.5B). That should be more than ample to cover the combined outspend of ~$1.3B we project over the next two years," the analyst commented. "We continue to like the stock for its high quality asset base and operational track record," Berman said.