Credit Suisse Starts Continental Resources (CLR) at Neutral

Credit Suisse initiates coverage on Continental Resources (NYSE: CLR) with a Neutral rating and a price target of $43.00.

Analyst E. Westlake commented, "We initiate coverage of Continental Resources with a Neutral rating and $43 target price. CLR shares have more than doubled off the lows. A $50/bbl oil price by May came true. If all goes to plan, the oil market, to which CLR is highly levered, should Rebalance over the coming 18 months. This would create room for the Call on American Shale to rise. With an emerging inventory of high return locations in the STACK, plus potential in the Springer and sufficient core in the Bakken, CLR can join this drilling renaissance. The challenge from the equity market perspective is that the shares look fully valued at our $65/bbl longer term oil price (2019). We'd also like the balance sheet gearing to be improved."

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 $41.39 yesterday.

You May Also Be Interested In

• B.Riley Starts Suncrete Inc (RMIX) at Buy
• Litchfield Hills Starts NextPlat (NXPL) at Buy
• KB Home (KBH) PT Raised to $56 at Truist Securities