Canaccord Adams Maintains a 'Buy' on Northern Oil and Gas (NOG); Raises PT

September 29, 2009 11:00 AM EDT

Canaccord Adams maintains a 'Buy' on Northern Oil and Gas (NYSE Amex: NOG), raise target to $10 from $8.50.

Canaccord analyst says, "Last week, we were on the road marketing with Northern Oil and Gas. We continue to believe Northern is considerably undervalued for a company with its relative growth potential. Based on discussions during our marketing event and incremental industry data points, we are de-risking Northern’s acreage in Dunn, Burke and Divide Counties. We now believe the company is exposed to 35.0 mmboe of risked potential resource, offering investors approximately 31.8x risked upside (P4/P1) potential. In our view, this is the most upside potential of any public company in the trend."

To see more analyst ratings on NOG Click Here.

Northern Oil and Gas, Inc. engages in the acquisition, exploration, exploitation, and development of oil and natural gas properties in the Rocky Mountain Region of the United States.

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