Wunderlich Initiates Coverage of Northern Oil & Gas (NOG)

Wunderlich Securities analysts Neal Dingmann and Jason Wangler have initiated coverage of Northern Oil & Gas (NYSE: NOG). Northern Oil & Gas is involved in the exploration and development of oil and gas wells in the western United States.

Wunderlich gave NOG a Buy rating, with a price target of $20.00 based on a CFPS estimate of $2.21 and a multiple of 9x.

Northern Oil & Gas has over 110,000 acres with potential to tap the Bakken/Three Forks formation. Wunderlich said, "The value of this acreage continues to increase as each Bakken/Three Forks well drilled seems to be better than the prior, a trend we expect to continue."