Northern Oil and Gas initiated with an Outperform at Mizuho

Mizuho analyst William Janela initiated coverage of Northern Oil and Gas with an Outperform rating and $47 price target. In a sector where investors are “yearning for differentiation,” Northern Oil has built a “unique” non-operated exploration and production business at scale and is redefining the traditional non-operated model, the analyst tells investors in a research note. The firm believes the combination of the company’s scale, lower operational risk, superior cash operating margins, strong acquisition track record, and attractive cash return “make for a compelling investment case.”