Fly News Breaks for October 4, 2019
Oct 4, 2019 | 06:32 EDT
As previously reported, Credit Suisse analyst Betty Jiang downgraded Continental Resources to Neutral and also lowered her price target to $34 from $42. The analyst notes that while still strong, the company's free cash flows and production growth are "less differentiated" today as over 75% of large/mid-size E&Ps are growing free cash flows and output. Jiang also warns that given the lower oil strip prices, Continental Resources' free cash flow yield may be reduced from about 4% this year to 0.4% in 2020 while its peer group's yield rises from 0.6% to 1.0%. The analyst is further concerned that the company's capital returns may be hampered.
News For CLR From the Last 2 Days
Feb 28, 2020 | 05:18 EST
Imperial Capital analyst Jason Wangler lowered the firm's price target on Continental Resources to $25 from $40 and keeps an Outperform rating on the shares. The analyst says the company's growth is slowing from historical levels.
Feb 27, 2020 | 09:47 EST
Continental Resources is down -28.4%, or -$5.90 to $14.88.
Feb 27, 2020 | 06:47 EST
KeyBanc downgraded Continental Resources to Sector Weight from Overweight.