Analyst Paul Diamond CFA from Citi maintained a Buy rating on Northern Oil And Gas (NOG - Research Report) and increased the price target to $50.00 from $46.00.

Paul Diamond CFA's rating is based on Northern Oil and Gas's strong financial performance and future growth potential. The company's third-quarter earnings for 2024 exceeded expectations, with adjusted cash flow reaching approximately $377.1 million. This outperformance was primarily due to solid operational metrics across production, pricing, and lease operating expenses, as well as a favorable accounting adjustment related to production taxes.

Looking ahead, Northern Oil and Gas is expected to achieve moderate production growth into 2025, with projections of around 133.9 thousand barrels of oil equivalent per day on capital spending of approximately $1.05 billion. The company's low-risk business model, coupled with improved efficiencies and scaling efforts, positions it well despite an uncertain macroeconomic environment. Consequently, Paul Diamond CFA maintains a Buy/High Risk rating, with a target price increase to $50 per barrel or roughly 4.0 times the 2025 estimated discounted cash flow.

In another report released on November 7, Truist Financial also assigned a Buy rating to the stock with a $51.00 price target.

NOG's price has also changed slightly for the past six months - from $40.400 to $40.930, which is a 1.31% increase.

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Northern Oil & Gas, Inc. engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.