Raymond James Cuts Northern Oil and Gas (NOG) Target but Backs Long-Term Production Growth

On June 15, Raymond James lowered its terms proposal connected Northern Oil and Gas, Inc. (NYSE:NOG) to $30 from $35. It reiterated an Outperform standing connected the shares. The steadfast pointed to Northern Oil and Gas' statement to get a 25% non-operated involvement successful Parallax Energy's Duvernay East Shale Basin assets for $259 million. The transaction is expected to adhd astir 4 MBoe/d of accumulation successful fiscal 2027 and astir 75,000 nett acres. It besides brings assets with operating costs beneath the company's average, which should enactment profitable maturation successful light-oil production.

During the company's first-quarter 2026 net call, Chief Financial Officer Chad Allen said absorption had near its 2026 guidance unchanged due to the fact that commodity prices, manufacture conditions, and the broader system stay unpredictable. Allen said the institution was presently tracking toward the precocious extremity of the low-activity script it outlined past quarter. Even so, helium noted that determination was inactive a wide scope of imaginable outcomes for the year, making it excessively aboriginal to supply a much elaborate forecast.

He said the institution expects to tighten its guidance ranges and connection a clearer outlook by the clip it reports second-quarter results. Allen besides noted that earthy state realizations successful the Permian Basin are apt to stay nether unit for the adjacent respective quarters. He explained that infrastructure constraints are expected to proceed until caller projects statesman coming online successful the 2nd fractional of 2026.

Northern Oil and Gas, Inc. (NYSE:NOG) is an autarkic vigor institution that operates arsenic a non-operator. The institution acquires interests successful lipid and earthy state properties and focuses connected their exploration, development, and production.

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