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CLR

Continental Resources

$62.74

0.015 (0.02%)

, FNV

Franco-Nevada

$72.45

-0.7 (-0.96%)

16:59
08/06/18
08/06
16:59
08/06/18
16:59

Continental Resources announces Franco-Nevada payment for stake in subsidiary

Continental Resources (CLR) announced that Franco-Nevada (FNV) has agreed to pay approximately $220M for a stake in a newly-formed minerals subsidiary. In accordance with the deal terms, the Company will receive the proceeds at closing, offsetting the majority of previously incurred capital expenditures. The amount to be received by the Company at closing is subject to adjustment under the terms of the transaction documents. In addition, the parties have also committed, subject to satisfaction of agreed upon development thresholds, to spend up to a combined $125M per year over the next three years to acquire additional minerals through the newly-formed subsidiary. With a carry component on capital acquisition costs, the Company is to fund 20% of future mineral acquisitions. The Company will be entitled to between 25% and 50% of total revenues generated by the minerals subsidiary based upon performance relative to certain predetermined targets.

CLR

Continental Resources

$62.74

0.015 (0.02%)

FNV

Franco-Nevada

$72.45

-0.7 (-0.96%)

  • 08

    Aug

CLR Continental Resources
$62.74

0.015 (0.02%)

06/11/18
RILY
06/11/18
NO CHANGE
Target $86
RILY
Buy
Continental Resources price target raised to $86 from $70 at B. Riley FBR
B. Riley FBR analyst Rehan Rashid raised his price target for Continental Resources to $86 and keeps a Buy rating on the shares. The company's "project springboard" should contribute meaningfully to its 2019 and beyond growth, Rashid tells investors in a research note.
07/05/18
TDSI
07/05/18
INITIATION
Target $73
TDSI
Hold
Continental Resources initiated with a Hold at TD Securities
TD Securities analyst Menno Hulshof initiated Continental Resources with a Hold and $73 price target.
07/12/18
MSCO
07/12/18
INITIATION
Target $82
MSCO
Overweight
ConocoPhillips initiated with an Overweight at Morgan Stanley
Morgan Stanley analysts Devin McDermott and Drew Venker added coverage of 12 large-cap and diversified E&Ps, identifying ConocoPhillips (COP), Occidental Petroleum (OXY) and Continental Resources (CLR) as their top picks. The analysts set an $82 price target on Overweight-rated ConocoPhillips.
07/24/18
KLRG
07/24/18
UPGRADE
KLRG
Buy
Continental Resources upgraded to Buy from Hold at KLR Group
FNV Franco-Nevada
$72.45

-0.7 (-0.96%)

09/25/17
FBCO
09/25/17
DOWNGRADE
Target $80
FBCO
Neutral
Franco-Nevada downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse analyst Anita Soni downgraded to Neutral from Outperform as she believes the upside has been priced in. The analyst also raised her price target on the shares to $80 from $78.
07/10/18
MACQ
07/10/18
DOWNGRADE
MACQ
Neutral
Franco-Nevada downgraded to Neutral from Outperform at Macquarie
07/18/18
DESJ
07/18/18
UPGRADE
DESJ
Hold
Franco-Nevada upgraded to Hold from Sell at Desjardins

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