Global Hunter Securities Downgrades CLR To "Accumulate" from

April 05, 2011

Global Hunter Securities downgraded Continental Resources (NYSE:CLR) to "accumulate" from "buy" and maintained its $78 price target on the company.The stock has recently moved up about $10 per share from its low, and the firm expects Bakken-focused E&P companies to correct or mark time in the short-term. Investors of CLR should watch for progress related to the company's recently announced accelerated drilling program in the Cana Woodford and the Niobrara beyond the Bakken.Continental Resources has a potential upside of 1.5% based on a current price of $72.07 and an average consensus analyst price target of $73.13.