Northern Oil and Gas price target lowered to $35 from $47 at Raymond James

Raymond James analyst John Freeman lowered the firm’s price target on Northern Oil and Gas (NOG) to $35 from $47 and keeps a Strong Buy rating on the shares. The world appears to be dramatically different for the energy complex than when Exploration & Production companies reported Q4 results in late February, with oil prices roughly $10/bbl lower, and nowhere to hide during this commodity price fallout, the analyst tells investors in a research note. The sudden shift in the oil macro backdrop between the tariff war and OPEC+ decision has left many management teams taking a wait and see approach, but the firm expects largely in-line performance from its E&P coverage for Q1.