Limited Upside for Continental Despite Excellent Operational Quarter
We are raising our fair value estimate to $41 per share after incorporating the raft of very strong operational data released by Continental after the first quarter. Based on its performance history so far this year we think the company's full-year guidance of 220-230 thousand barrels of oil equivalent per day is very conservative, and likely to be beaten. However, this potential outperformance has been well-telegraphed by the company, and is presumably baked into the stock already. In addition,...Continental Resources is an independent crude oil and natural gas company engaged in the exploration, development, and production of crude oil and natural gas mainly in the North, South and East regions of the U.S. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken, and the Red River units. The South region includes all properties south of Nebraska and west of the Mississippi River including various plays in the South Central Oklahoma Oil Province and Sooner Trend Anadarko Canadian Kingfisher areas of Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River.
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