UPDATE: BMO Capital Markets Downgrades Northern Oil and Gas to Market Perform on Risk/Reward

BMO Capital Markets downgraded Northern Oil and Gas

from Outperform to Market Perform and maintained an $18.00 price target. BMO Capital Markets noted, "We are downgrading Northern Oil shares to Market Perform from Outperform as the stock is close to our $18 per share price target and our view is that Street production estimates are too high given slowing of Bakken activity and timing of Northern's net well completions. … In addition to our view of downside risk to production estimates we think other catalysts such as unveiling of the Big Sky prospect results and revisiting of the MLP strategy in mid-2013 will provide minimal upside." Northern Oil and Gas closed at $17.01 on Wednesday.