UPDATE: Global Hunter Securities Upgrades Northern Oil and Gas to Buy on Bakken Exposure

Global Hunter Securities raised its rating on Northern Oil and Gas

from Accumulate to Buy and raised its price target from $25 to $27. Global Hunter Securities commented, "The company now boasts over 180k net acres in the Bakken with nearly 60% of the acreage under development. NOG's non-operated business model is yielding significant advantages at this point in the Bakken cycle. In our opinion, the company has never executed better, and we believe that the stock has never been more undervalued on a relative basis. Therefore, we are raising our rating to Buy from Accumulate and our price target to $27 from $25, reflecting 7x our updated 2013 EBITDA estimate of $318MM." Northern Oil and Gas closed at $16.58 on Thursday.