Truist raised the firm’s price target on Northern Oil and Gas to $60 from $58 and keeps a Buy rating on the shares. After discussing the company’s latest $500M acquisition along with future expectations with one of its executives, the firm believes that the Novo deal could potentially generate among the highest future returns of any deal that Northern Oil had done to date, the analyst tells investors in a research note. Truist adds that it continues to forecast Northern Oil to potentially generate the highest 2024 free cash flow in its coverage of the group.
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