Continental Resources Inc CLR:NYSE

Last Price$68.61NYSE Previous Close - Last Trade as of 7:00PM ET 8/12/22
NYSE 15-minute delayed Bid/Ask Quotes
Today's Change0(0.00%)
Bid (Size)$63.00 (9)
Ask (Size)$74.51 (3)
Day Low / HighN/A - N/A
Volume563.2 K

Research Alert: CFRA Keeps Buy Opinion On Shares Of Continental Resources

1:45PM ET 6/14/2022 MT Newswires
CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $85, raised $12, reflects a 5.3x multiple of enterprise value to projected '23 EBITDA, in line with large-cap peers. Updating to reflect more elevated commodity price expectations, we lift our '22 EPS estimate by $0.29 to $11.87 and '23's by $0.79 to $10.59. The Founder of CLR, Harold Hamm, has channeled his inner Elon Musk and announced an offer to take CLR private at a price of $70 per share, by buying all the shares he currently does not own (Hamm or trusts affiliated with the founder own 83% of the shares outstanding today). We estimate that a price of $70 per share is too low, valuing the firm at just 4.5x '23 EBITDA, and we would not be surprised to see a raised bid from Mr. Hamm. CLR typically does not hedge its crude oil exposure, which was the case entering '23, and so far this year, this has been a prescient decision given elevated pricing. We view CLR as a relatively low-cost play with strong exposure to the Bakken Shale and Permian Basin.