Continental Resources +3.6% after Goldman awards Buy rating

Continental Resources (CLR +3.6%) is initiated with a Buy rating and $130 price target at Goldman Sachs.

The firm believes CLR is well positioned to benefit from resource upside in the Bakken shale; efficiency gains based on its dominant position in the core of the play; re-rise in Bakken production that could drive multiple expansion; and resource upside from the South Central Oklahoma Oil Province.

CLR has superior cash-on-cash returns, the firm says, and sees flexibility for management to lower its funding gap, de-lever or maintain superior growth.

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