UPDATE: Wunderlich Securities Initiates Buy, $22 PT on Northern Oil and Gas on Growth Focus
Wunderlich Securities initiates its coverage on Norther Oil and Gas (NYSE: NOG) with a Buy rating and a price target of $22.
Wunderlich Securities comments, "The company has acquired over 170,000 net acres in the Williston basin, and it allows strong operators to drill and produce the wells. This means Northern can focus on acquiring additional acreage as experienced companies exploit the land. Northern has had a solid fundamental performance for the past year. However, due to external factors, the stock has been under pressure and currently trades at the lowest multiples of any sizeable Williston- focused name. We believe the selloff provides a solid entry point for what is essentially a Williston acreage mutual fund given the exposure to operators and wells throughout the region."
NOG closed at $17.74 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.