Oppenheimer Outperform on Kodiak Oil & Gas

Oppenheimer & Co. is out with a research report on Kodiak Oil & Gas Corporation

and it has an Outperform rating and a $7.50 price target on shares. In a note to clients, Oppenheimer & Co. writes, "KOG plans to complete 7.5 net wells during 4Q11, which we expect to result in sharply higher production volumes, and a year-end exit rate above the target of 9,000 boe/d. 2012 spending and drilling plans were not announced during the 4Q11 call, but are expected to be finalized in the coming weeks, and announced before year-end, which will likely be the next catalyst for the stock. We are currently projecting production to average more than 17 mboed in 2012, up more than three-fold from 2011, with cash flow projected to increase above $400 million." Shares of KOG are up 4 cents to $7.14.