Truist raised the firm’s price target on Northern Oil and Gas (NOG) to $52 from $51 and keeps a Buy rating on the shares. The firm cites the company having announced a small JV agreement with an Appalachian operator to develop up to $160M of gas focused inventory driving higher production volumes in the second half of FY25 and beyond, the analyst tells investors in a research note. While the expected rate of return was not given, this deal is just another arrow in Northern Oil’s quiver that is further demonstrating its “leading ground game potential”, Truist added.
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Read More on NOG:
- Northern Oil and Gas enters into Appalachian Joint Development Program
- Northern Oil and Gas raises quarterly dividend 5% to 42c per share
- Northern Oil and Gas price target raised to $42 from $39 at Morgan Stanley
- Target downgraded, Chewy upgraded: Wall Street’s top analyst calls
- Northern Oil and Gas cut to Sector Perform at RBC Capital on valuation
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
