RBC Capital's analyst, Scott Hanold, has revised down the price target for Northern Oil and Gas (NOG, Financial), changing it from $40 to $34. Despite this adjustment, the stock's rating remains at Sector Perform.
The decision comes as a response to anticipated lower oil prices, which have prompted a shift in the firm's financial model for NOG. However, Hanold emphasizes the company's significant flexibility to adjust its capital expenditures if oil prices continue to face downward pressure. This strategic adaptability could help the company navigate challenging market conditions.
