Canaccord Genuity Reiterates a 'Buy' on Northern Oil and Gas (NOG); 2012 Production and Cash Flow to Narrow Asset Valuation Gap

Canaccord Genuity reiterates a 'Buy' on Northern Oil and Gas (NYSE: NOG), loweres price target from $40 to $37.

Canaccord analyst, John Gerdes, says, "We are reiterating our rating and revising our target price following Northern Oil’s Q2/11 financial results and operational updates. We continue to believe NOG shares remain oversold based on relative valuation and growth potential. We remain very comfortable with our assessment of the Bakken and Northern Oil’s valuation. We continue to view this weakness as a buying opportunity given precedent transactions and the company’s proven ability to organically acquire acreage at accretive levels."

For more ratings news on Northern Oil and Gas click here and for the rating history of Northern Oil and Gas click here.

Shares of Northern Oil and Gas closed at $18.16 yesterday.

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