Dougherty & Co Downgrades Northern Oil and Gas (NOG) to Neutral; June Quarter Production at Risk, Raising Questions Around FY Guidance
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Price: $43.11 --0%
Rating Summary:
11 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 8 | New: 13
Rating Summary:
11 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 8 | New: 13
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Dougherty & Co downgraded Northern Oil and Gas (NYSE: NOG) to Neutral. 24-month price target $37.
Dougherty analyst says, "During the March quarter conference call NOG noted that it was targeting sequential production growth of 25% to 35%. Because the months of April and May were negatively impacted by adverse weather conditions (i.e. flooding, closed roads, mud, etc.), we believe it is unlikely that actual production falls within this range. We believe production growth will be in the high single digit to low double digit range. As such, we are modeling for 10% sequential production growth in the June quarter, or an average of 4,360 boe per day. Our estimate compares with Street estimates that range from 24% to 52% sequential growth. We believe it is likely that Street estimates migrate lower following June quarter production results." (lowering FY11 EPS estimate from $0.86 to $0.81)
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 $23.41 yesterday.
Dougherty analyst says, "During the March quarter conference call NOG noted that it was targeting sequential production growth of 25% to 35%. Because the months of April and May were negatively impacted by adverse weather conditions (i.e. flooding, closed roads, mud, etc.), we believe it is unlikely that actual production falls within this range. We believe production growth will be in the high single digit to low double digit range. As such, we are modeling for 10% sequential production growth in the June quarter, or an average of 4,360 boe per day. Our estimate compares with Street estimates that range from 24% to 52% sequential growth. We believe it is likely that Street estimates migrate lower following June quarter production results." (lowering FY11 EPS estimate from $0.86 to $0.81)
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 $23.41 yesterday.
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