Continental Resources (CLR)

[dan_s]

I have updated my forecast model for CLR and I have increased by valuation by $9.60 to $65.00/share. First Call's price target is $56.82.

CLR does not have any of its oil production hedged. Therefore, I was using a rather low multiple of CFPS to value it in order to compensate for that risk. Now that OPEC has moved to increase oil prices, that risk has been reduced. Plus, CLR is getting FANTASTIC results in STACK were they have many years of low-risk development drilling inventory.