More bids expected for Continental Resources: Analyst

Truist Securities analyst Neal Dingmann said Tuesday that the nature of Continental Resources Inc.’s CLR, +13.98% $70-per-share take-private offer from Harold Hamm for the oil and gas company signals that the company’s board is open to other bids. “The offer is not binding and the board plans to evaluate the offer before moving forward, which we expect is an intentional strategy to potentially open the doors to competing bids from large cap public peers,” Dingman said. He said the company is worth at least his target price of $95 a share. Continental Resources shares soared 14% to $73.64 in early trades on Tuesday as investors bet that the company is worth more than the buyout price of $70 a share.

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