CLR - Continental Resources wins new bull at RBC on Powder Riven Basin opportunity

Continental Resources (CLR +0.6%) edges higher after RBC Capital upgraded shares to Outperform from Sector Perform with a $70 price target, raised from $60, citing its sizeable acreage position in the Powder River Basin. Continental has provided few details about its increased PRB position, but RBC analyst Scott Hanold said the company's 387K acres hold "considerable potential," with net unrisked resources that could reach 1.5B-2B boe net. The analyst expects the company will put PRB development "on a faster track, given a higher importance and a larger pivot toward more oil activity." Hanold also praised the recent hiring of former Chesapeake CEO Doug Lawler as COO, which "strengthens the management bench and adds depth to the PRB acumen." Continental Resources has been focusing its attention on rewarding its shareholders through the generation of free cash flow, Power Hedge writes in a bullish analysis posted on Seeking Alpha.

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Continental Resources wins new bull at RBC on Powder Riven Basin opportunity