In a report released yesterday, Noah Hungness from Bank of America Securities reiterated a Buy rating on Northern Oil And Gas (NOG – Research Report), with a price target of $48.00.
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Noah Hungness has given his Buy rating due to a combination of factors, despite some short-term challenges. Northern Oil and Gas experienced logistical hurdles and lower oil production in the fourth quarter of 2024, which fell short of market expectations. However, the company exceeded expectations in natural gas production, positioning it well amidst a challenging macro environment.
Looking forward, although the 2025 oil production guidance was lower than anticipated, the company is planning for substantial growth in 2026. This growth trajectory is supported by increased capital expenditure and strategic well development, which are expected to drive a notable increase in oil output. Additionally, Northern Oil and Gas is on a path to reduce its leverage, which enhances its financial stability and attractiveness as a liquidity provider. These positive long-term prospects underpin Hungness’s Buy recommendation.
Hungness covers the Energy sector, focusing on stocks such as Northern Oil And Gas, Kimbell Royalty Partners, and Gulfport Energy. According to TipRanks, Hungness has an average return of -0.9% and a 30.00% success rate on recommended stocks.
In another report released on February 7, Roth MKM also maintained a Buy rating on the stock with a $47.50 price target.