27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
RBC Capital Markets analyst Scott Hanold reiterated the Outperform rating on Northern Oil And Gas, Inc. (NYSE:NOG) with a price target of $46.
Hanold doesn't anticipate buybacks in Q3, although management could be opportunistic.
M&A remains a core strategic growth option and could be picking up a bit, notes the analyst.
Hanold thinks the key investor debates are the pace of bank debt repayment, future M&A activity, progress on existing JVs, and opportunities for production growth beyond 2024.
NOG has seen the pipeline of M&A activity picking up following a quieter mid-summer, with opportunities covering the gamut from small traditional non-op to joint ventures.
The analyst's 3Q23 EPS/CFPS estimates increase by $0.14/$0.22 to $1.77/$3.62, reflecting final commodity prices and slightly better oil production.
The analyst models production at 101.9 Mboe/d (62% oil), up 12% QtQ from the Forge & Novo acquisitions and higher Permian completions.
Hanold's estimates are a touch above the 101.5 Mboe/d (63% oil) consensus and the midpoint of the 99-103 Mboe/d guidance.
The analyst expects Q3 capital spending at $195 million, above the $174 million consensus estimate.
Approximately 69% of oil and 70% of natural gas production is hedged in Q3, providing a $5.5 million cash settlement gain, the analyst adds.
NOG continues to actively hedge and has added positions in 2024-2026, with more focus on near-term periods, Hanold adds.
Price Action: NOG shares are trading higher by 1.27% to $41.01 on the last check Tuesday.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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