UPDATE: Goldman Sachs Initiates Coverage on Continental Resources on Position to Benefit from Multiple Positive Factors

In a report published Tuesday, Goldman Sachs analyst Brian Singer initiated coverage on Continental Resources (NYSE: CLR) with a Buy rating and $130.00 price target.

In the report, Goldman Sachs noted, “We initiate coverage of Continental Resources with a Buy rating and 29% upside to a $130 12-month DCF- and multiples-based target price. We believe Continental is well positioned to benefit from: (1) resource upside in the Bakken – downspacing and multi-zone potential; (2) efficiency gains based on its dominant position in the core of the play; (3) re-rise in Bakken production that could drive multiple expansion; and (4) resource upside from the South Central Oklahoma Oil Province (SCOOP). CLR has superior cash-on-cash returns, and we see flexibility for management to lower its funding gap, de-lever or maintain superior growth.”

Continental Resources closed on Monday at $102.78.