CK Cooper raises its price target on Buy-rated Northern Oil & Gas NOG by $4 to $35 a share on proven reserves growth.
CK Cooper says, " Proved reserves grew by a whopping 198% from 15.7MMBOE (89% oil/11% NG, 41% proved developed) to 46.8MMBOE (89% oil/11% NG, 34% PD). PV-10 value also increased significantly from $296MM in 2010 to $1.1 Billion in 2011."
NOG closed at $23.71 yesterday.
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