Canaccord Genuity Assumes Coverage on Northern Oil and Gas (NOG) at Buy; Expecting Blowout H2/11 from Accelerated Bakken Activity

Canaccord Genuity assumes coverage on Northern Oil and Gas (NYSE: NOG) with a Buy. PT $37.00.

Canaccord analyst, Marcus Talbert, said, "We assume coverage of Northern Oil & Gas, maintaining a BUY rating and $37 target price. We continue to believe NOG shares remain oversold based on relative valuation and growth potential. Moving into 2012, the production and cash flow associated with a meaningful ramp in Bakken activity will be the primary drivers of relative performance. We continue to believe the shares represent a compelling buying opportunity given precedent transactions and NOG’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 $22.41 yesterday.

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