Bank of America Securities analyst Noah Hungness maintained a Buy rating on Northern Oil And Gas yesterday and set a price target of $33.00.
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Noah Hungness has given his Buy rating due to a combination of factors that highlight Northern Oil and Gas’s strong financial performance and strategic positioning. The company reported impressive second-quarter results, surpassing expectations with an adjusted EBITDAX of $440 million, driven by record natural gas production from Appalachia. Despite higher lease operating expenses, the company managed to achieve substantial free cash flow, which exceeded both Bank of America’s and consensus estimates.
Furthermore, Northern Oil and Gas has revised its 2025 guidance, lowering capital expenditure while maintaining robust free cash flow projections. This strategic adjustment is expected to enhance the company’s financial flexibility, allowing it to capitalize on potential opportunities in the market. Additionally, the anticipated increase in free cash flow for 2026, supported by stable production and cost management, positions the company favorably for future growth and debt reduction. These factors collectively underpin Noah Hungness’s positive outlook and Buy rating for Northern Oil and Gas.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $32.00 price target.