Rodman & Renshaw raises its target on Outperform-rated Northern Oil and Gas NOG to $34, up $4, on higher Bakken and Three Forks upside assumptions.
Rodman & Renshaw comments, "Leading operators have been assuming up to 8 wells per unit (4 Bakken and 4 TF) in the play, but the prospectivity of the lower benches could further increase the ultimate development plan. As a result, we feel it's prudent to increase our upside assumptions to include 4 Bakken and 3 Three Forks locations per 1,280-acre unit (from 3 and 2, respectively)."
NOG closed at $23.71 a share on Wednesday.
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