RBC Capital Reiterates Outperform Rating on Northern Oil and Gas (NOG)

RBC Capital analyst Scott Hanold reiterated an Outperform rating and $46.00 price target on Northern Oil and Gas (NYSE: NOG).

The analyst comments "NOG's announced JV to acquire XCL Resources (last week) is consistent with its strategy to partner with high quality operators in accretive opportunities. This is NOG's fourth large JV and meaningfully adds to its diversity, returns, and inventory runway. Importantly, based on our conversations with management similar to its Permian and Williston basin strategy there is also visibility to attack the Uinta through ground game and bolt-on acquisitions. As a non-operator, there are benefits to JVs with scale and fewer concerns regarding entering a new basin."

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 $38.07 yesterday.

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