BofA raised the firm’s price target on Northern Oil and Gas (NOG) to $28 from $27 and keeps a Buy rating on the shares after the company announced its “largest deal ever” in a joint acquisition with Infinity Natural Resources (INR) to purchase Antero Resources’ (AR) Ohio Utica position for $1.2B. A deal multiple “well above” Northern’s historical range is “justified” given the aggressive growth trajectory, midstream asset, and resource growth potential, says the analyst, who views the deal as accretive by $1 per share.
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Read More on NOG:
- Northern Oil and Gas price target raised to $30 from $28 at Mizuho
- Antero Resources price target raised to $48 from $44 at Morgan Stanley
- Strategic Growth Potential and Acquisition Synergies Drive Buy Rating for Northern Oil and Gas
- Northern Oil and Gas Acquires Antero Assets for Growth
- Northern Oil and Gas to acquire 49% stake in Ohio Utica Shale Assets for $588M