Canaccord Genuity Reiterates a 'Buy' on Northern Oil and Gas (NOG); Strong Year-end Finish Sets the Stage

Canaccord Genuity reiterates a 'Buy' on Northern Oil and Gas (NYSE: NOG) price target of $31.00.

Analyst, Marcus Talbert, said, "We are reiterating our rating and target price following Northern Oil’s year-end financial results and insights we picked up during the conference call. We believe the weakness in NOG shares from yesterday’s session is overdone given the relative uplift in completion activity to exit the year. While quarter-to-quarter results should continue to be variable in the near term, our thesis on NOG’s core asset base and operational momentum by Bakken operators should still translate into meaningful production and cash flow growth in the next 12 months."

"Given the record December completion activity and cooperative weather in the Bakken, we remain bullish on H1/12 activity levels. Assuming a modest uptick in ‘12 completions (~35), we estimate NOG will achieve cash flow growth (’11-’13E CAGR) of ~40%."

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 $23.71 yesterday.

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