Continental Resources (CLR) was one of the earliest companies to exploit the Bakken shale play and has since moved strongly into the STACK/SCOOP shale plays in Oklahoma. The stock is down about 17% since the beginning of the year, but an announcement yesterday may draw investors back to the shares:
- Initiated a quarterly dividend of $0.05/share ($0.20/share annually).
- An initial $1 billion share-repurchase program.
- Says it expects to generate ~$1 billion of free cash flow per year over the next five years at $60 WTI/bbl.
Source: Yahoo Finance
It would appear that Continental