RBC Capital downgraded Northern Oil and Gas (NOG) to Sector Perform from Outperform with a price target of $45, up from $43. The firm is constructive on the company’s outlook, but sees the stock’s relative valuation as “inline-to-above peers”, the analyst tells investors in a research note. Northern Oil has scaled and diversified operations through acquisitions, which improved the stability of its outlook but also moved the valuation higher compared to a prior and historical discount, RBC states, adding that the recent acquisitions have also increased the company’s leverage to levels above peers.
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