Canaccord Genuity Reiterates a 'Buy' on Northern Oil and Gas (NOG); Liquidity Position Cleared from Debt Offering

Canaccord Genuity reiterates a 'Buy' on Northern Oil and Gas (NYSE: NOG) price target lowered to $26.

Analyst, Marcus Talbert, said, "We are reiterating our rating but lowering our target price following Northern Oil’s latest financial results and recent debt financing. We believe the equity underperformance associated with the liquidity overhang should pass and our focus shifts to the uplift in completion activity to exit the year. In our view, NOG’s 2012 spud guidance (44 net wells) remains achievable, which combined with the backlog of wells drilling/awaiting completion should translate into meaningful production and cash flow growth in the coming quarters."

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 $17.64 yesterday.

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