Northern Oil and Gas initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Devin McDermott initiated coverage of Northern Oil and Gas with an Equal Weight rating and $40 price target. Over the last 15 years, the company has taken a series of non-operating positions in oil and gas acreage, which create a “compelling growth pathway,” the analyst tells investors in a research note. However, in the current environment, the firm prefers exploration and production companies with more autonomy over production and spending.