William Blair analyst Neal Dingmann has maintained their bullish stance on NOG stock, giving a Buy rating yesterday.
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Neal Dingmann has given his Buy rating due to a combination of factors that highlight Northern Oil and Gas’s strategic growth potential. The recent joint acquisition of Utica upstream and midstream assets with Infinity Natural Resources is a significant move that enhances Northern’s gas presence. This acquisition is expected to provide a growth runway due to the ample inventory and low decline rates, coupled with a continuous drilling and completion operator plan.
Furthermore, the combination of upstream and midstream assets ensures substantial production upside potential with solid returns, supported by current market conditions and future hedges. The deal adds significant acreage and production capacity, with favorable breakeven costs and potential for third-party volume opportunities. Northern’s estimated capital expenditure and cash flow projections suggest a financially sound investment, reinforcing the Buy rating given by Neal Dingmann.
In another report released yesterday, TR | OpenAI – 4o also upgraded the stock to a Buy with a $27.00 price target.