"The Anadarko Basin has been an investment focus for us. In our July 2015 report, Anadarko Basin Rocks, we walked through not only single well returns, but more importantly the consistency of results across the play," Nomura analysts said in an investor note, explaining the adjusted price target.
Last week, Continental reported a record performance at its shale "Verona" well within the Anadarko basin in Oklahoma. The company said that in 24 hours, the well flowed 2,345 barrels of oil, which is about 70 percent of its total production.
"Going forward, we continue to see upside to well productivity and well costs, as the companies test larger completion optimizations," the firm stated.
Oklahoma City-based Continental is an independent Crude oil and natural gas exploration and production company with properties in the northern, southern and eastern U.S. regions.
Meanwhile, shares of Continental are down by 0.25% to $40.66 early this morning.
Crude oil (WTI) is rising by 0.73% to $48.43 per barrel. Brent crude is up by 0.31% to $48.50 per barrel, CNBC reports.
Separately, TheStreet Ratings rated Continental Resources as a "sell" with a score of D.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
This is driven by several weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks that are covered.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: CLR