Global Hunter Securities Cuts Price Target on Northern Oil and Gas (NOG); Stunted Growth

Global Hunter Securities maintains a 'Neutral' on Northern Oil and Gas (NYSE: NOG), PT lowered from $32 to $24.

Global analyst says, "NOG has been one of the fastest growing E&P companies focused on the Bakken Shale. The company implores a unique strategy of being a non-operator and has thus far proved detractors wrong. While NOG has amassed a valuable acreage position of approximately 150,000 net acres, issues have surfaced regarding corporate governance that has put pressure on the company's stock and could potentially linger for several quarters. We are maintaining our Neutral rating while lowering our price target to $24 as we believe until these issues are resolved the multiple for which investors are willing to pay for NOG shares could continue to shrink."

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 $20.06 yesterday.

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