Piper Sandler analyst Mark Lear downgraded Northern Oil and Gas to Neutral from Overweight with an unchanged price target of $46. The company’s acquisitions bring visibility on near-term development and growth, particularly as the company nears conclusion of its Mascot operations in the Midland, but also introduces additional concentration risk, the analyst tells investors in a research note. The firm cites valuation for the downgrade following the stock’s recent rally and would be waiting on a better entry in Northern Oil shares.
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