Northern Oil and Gas price target lowered to $35 from $37 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Northern Oil and Gas (NOG) to $35 from $37 and keeps a Neutral rating on the shares. Heading into Q4 results and FY25 outlooks, the firm is revising its estimates and assessing how its coverage is positioned heading into prints. Oil sentiment was sharply negative heading into the year, and while tighter sanctions on Russia and expectations for stricter stance on Iran with the Trump administration have driven upside, the market remains concerned with the spare capacity overhang and the long-term demand picture, Piper argues. On the gas front, weather has driven winter-end storage projections lower as LNG capacity adds are expected to ramp through the first half of 2026, while producers remain patient on activity additions despite strength in the gas curve.