Northern Oil and Gas price target lowered to $39 from $44 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Northern Oil and Gas to $39 from $44 and keeps a Neutral rating on the shares. Sentiment for E&P has cooled from the late summer/early fall following M&A frenzy and start of Mid-East war, but the firm sees the pullback offering a better entry entering 2024. With several deals already announced only several weeks into the year, M&A continues to be a key focus though the market is more discerning on value, asset quality and implications for shareholder return, Piper adds.