Truist raised the firm’s price target on Northern Oil and Gas (NOG) to $52 from $51 and keeps a Buy rating on the shares. The firm cites the company having announced a small JV agreement with an Appalachian operator to develop up to $160M of gas focused inventory driving higher production volumes in the second half of FY25 and beyond, the analyst tells investors in a research note. While the expected rate of return was not given, this deal is just another arrow in Northern Oil’s quiver that is further demonstrating its “leading ground game potential”, Truist added.
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