UPDATE: Wunderlich Securities Reiterates On Northern Oil & Gas As Non-Operated 'Discount' Remains Too High

In a report published Tuesday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating on Northern Oil & Gas NOG, and raised the price target from $17.00 to $20.00. In the report, Wunderlich Securities noted, “Northern Oil & Gas (NOG) has been on a nice run the last 2-3 months as the weather in the Williston has improved and the activity in the region has increased accordingly. "This growth should trickle down to growth for Northern as it's a non-operated partner for most of the rigs/wells in the basin. With the recent news of the combination of Whiting Petroleum (WLL-$84.58, Buy) and Kodiak Oil & Gas (KOG-$14.91, Buy) we thought it would be a good time to look at the metrics of that transaction as it compares to NOG in the hopes of settling on a proper valuation. We did this and came away believing still that NOG is undervalued at current levels, which causes us to raise our price target from $17 to $20 and reiterate our Buy rating.” Northern Oil & Gas closed on Tuesday at $16.44.