Canaccord Genuity Trims Price Target on Northern Oil and Gas (NOG), Keeps Buy

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Canaccord Genuity reiterated their Buy rating on Northern Oil and Gas (NYSE: NOG) but lowered their price target to $26.

The firm comments, "We are reiterating our BUY rating but lowering our target price to $26.00 following Northern Oil's latest financial results and recent debt financing. We believe the equity underperformance associated with the liquidity overhang should pass and our focus shifts to the uplift in completion activity to exit the year. In our view, NOG’s 2012 spud guidance (44 net wells) remains achievable, which combined with the backlog of wells drilling/awaiting completion should translate into meaningful production and cash flow growth in the coming quarters."

For an analyst ratings summary and ratings history on Northern Oil and Gas click here. For more ratings news on Northern Oil and Gas click here.

Shares of Northern Oil and Gas closed at $17.64 yesterday, with a 52 week range of $13.25-$28.00.

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