Continental Resources (NYSE:CLR) NAV Driven Higher by Activity, Exploration

Continental Resources (NYSE:CLR) was upgraded by Jefferies today from "Neutral" to "Buy," citing an expected higher NAV.

Jefferies said, "Accelerated activity, positive exploration datapoints, and downspacing success in the Williston drive our NAV higher. Unaccounted for is a meaningful Niobrara position and a growing Cana presence. 1st long lateral Niobrara well to spud next month. Positive results would boost CLR's already massive unbooked oil inventory."

Even so, earnings were lowered by Jefferies for fully year 2010 by $0.02, to $1.76, and for full year 2011 by $0.01 to $2.28.

Continental is soaring today, trading at $52.60, rising by $2.09, or 4.14 percent at 2:03 PM EST.