NEW YORK (TheStreet) -- Continental Resources' (CLR) price target was increased to $50 from $25 and its buy rating maintained at Nomura on Tuesday morning.
"The Anadarko Basin has been an investment focus for us. In our July 2015 report, Anadarko Basin Rocks, we walked through not only single well returns, but more importantly the consistency of results across the play," Nomura analysts said in an investor note, explaining the adjusted price target.
Last week, Continental reported a record performance at its shale "Verona" well within the Anadarko basin (STACK) in Oklahoma. The company said that in 24 hours, the well flowed 2,345 barrels of oil, which is about 70 percent of its total production.
"Going forward, we continue to see upside to well productivity and well costs, as the companies test larger completion optimizations," the firm stated.
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My valuation of CLR is $44.35/share. - Dan
CLR Price Target Raised
CLR Price Target Raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group