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Continental Resources (NYSE:CLR) reported earnings after the bell. The results showed huge production growth and a beat against bottom line expectations. Revenues did come in light and the stock is down almost 2% in after-hours trading. I would use any pullback in Thursday's trading to add shares on this fast growing Bakken producer.

Key highlights from Continental earnings report:

  • Earnings per share came in at $1.17, four cents above estimates.
  • Average production rose ~42% Y/Y to 121.5 BOE/D (Barrels of Oil Equivalent/Day).
  • Oil & Liquid production rose to 71% of total production and overall oil production was up ~44% Y/Y.

Continental Resources produces crude oil and natural gas. It is the biggest producer of energy from the fast rising Bakken reserve.

5 additional reasons is a solid growth play at under $84 a share:

  1. The company is a growth juggernaut. Analysts expect revenues to post better than a 35% CAGR over the next two fiscal years. The stock sports a minuscule five year projected PEG (.41).
  2. Despite this robust growth, CLR sells for less than 13x 2014's projected earnings. The five year historical forward P/E average is much higher (27.9).
  3. One of the more impressive metrics about Continental is that is has managed to grow operating cash flow at ~150% over the last two completed fiscal years.
  4. This third straight quarter CLR against earnings estimates, consensus earnings estimates for FY2013 & FY2014 have risen nicely over the last three months. The median price target of the 24 analysts that cover the stock is $100 a share.
  5. The stock is price near the bottom of its five year valuation range based on P/B, P/S and P/CF.

Disclosure: I am long CLR. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.