Morgan Stanley downgraded Northern Oil and Gas (NOG) to Underweight from Equal Weight with a price target of $27, down from $29. The firm is shifting to a more defensive stance in oil exploration and production following the stocks’ outperformance relative to oil over the past two weeks. Oil fundamentals still screen as soft into year end, the analyst tells investors in a research note. Morgan Stanley says Northern Oil reduced growth expectations Q2 and further downside is possible if oil moves lower.
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