Raymond James analyst John Freeman lowered the firm’s price target on Northern Oil and Gas to $50 from $55 and keeps a Strong Buy rating on the shares. Northern Oil and Gas increased their dividend to 34c/share, an increase of 13% over the prior quarter and representing 33% of estimated 1Q23 free cash flow, and also repurchased 1.1 million shares of common stock for $33M during Q4 for a total FCF payout north of 50%, the analyst tells investors in a research note. Despite some operational headwinds, Northern Oil and Gas is still attractive, Raymond James says.
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Published first on TheFly
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