Northern Oil and Gas price target raised to $51 from $45 at Jefferies

Jefferies analyst Lloyd Byrne raised the firm’s price target on Northern Oil and Gas to $51 from $45 and keeps a Buy rating on the shares. The firm is adjusting its price target on the stock to be more in line with the intrinsic value implied by its net asset value estimate of $52 and discount cash-flow valuations of $51, the analyst tells investors in a research note. Northern Oil and Gas has a unique opportunity set as the premier consolidator across U.S. shale, and over time with additional scale and consistency of operations through M&A, the stock’s multiple should improve, the firm added.