BofA downgraded Northern Oil and Gas to Underperform from Buy with a $39 price target. The firm has taken a defensive stance towards oil in 2024 and sees some risk that it may be more challenging for Saudi Arabia to stabilize the commodity price due to the combination of uncertain demand and non-OPEC growth, the analyst tells investors. The firm’s 2024 base case is for $80 Brent, but recognizing perpetual backwardation as “a new normal” its two-year forward long-term price deck drops to $75 Brent and $70 WTI from 2026, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on NOG:
- Northern Oil and Gas named a ‘2024 Top Pick’ at Northland
- Johnson Rice gets more bearish on Northern Oil and Gas, downgrades shares
- Northern Oil and Gas management to meet with Truist
- Northern Oil and Gas price target raised to $54 from $53 at Stifel
- Northern Oil and Gas price target raised to $44 from $43 at Piper Sandler
