Kodiak Oil & Gas (KOG) Expectations Reset, Time to Buy the Stock - Oppenheimer

Oppenheimer reiterated its Outperform rating and $12 price target on Kodiak Oil & Gas (NYSE: KOG) saying the reduced production guidance has reset expectations for 2012 and provides an attractive entry point for investors.

Kodiak Oil & Gas cut 2012 guidance by 13% and now expects full-year volumes to average 19-21 mboed, down from 22-24 mboed and the exit rate is now expected to be 27 mboed vs. 30 mboed previously, the firm notes. However, with 51 wells still planned to be drilled, "if successful, we believe the lowered guidance could be conservative."

"Despite reduced guidance, 2012 volumes are still expected to grow more than four-fold during the year. We continue to view KOG as a top pick in our E&P space based on its significant production growth profile and premier acreage in the Bakken Shale."

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

Shares of Kodiak Oil & Gas closed at $9.88 yesterday.

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