Raymond James analyst John Freeman has adjusted the target price for Northern Oil and Gas (NOG, Financial), reducing it from $47 to $35. Despite this change, Freeman maintains a Strong Buy rating on the shares. This adjustment reflects the significant changes in the energy market since late February when Exploration & Production companies reported their Q4 results. Notably, oil prices have decreased by approximately $10 per barrel.
The current environment presents challenges for the energy sector, with no clear refuge amidst the fallout in commodity prices. Factors such as the tariff war and decisions by OPEC+ have contributed to this volatile landscape. As a result, many management teams are adopting a cautious approach, waiting to see how conditions evolve. Despite these uncertainties, Raymond James anticipates that its coverage of Exploration & Production entities will deliver performance in line with expectations for the first quarter.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 12 analysts, the average target price for Northern Oil & Gas Inc (NOG, Financial) is $39.71 with a high estimate of $55.00 and a low estimate of $27.00. The average target implies an upside of 64.15% from the current price of $24.19. More detailed estimate data can be found on the Northern Oil & Gas Inc (NOG) Forecast page.
Based on the consensus recommendation from 12 brokerage firms, Northern Oil & Gas Inc's (NOG, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Northern Oil & Gas Inc (NOG, Financial) in one year is $38.98, suggesting a upside of 61.14% from the current price of $24.19. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Northern Oil & Gas Inc (NOG) Summary page.
