Northern Oil & Gas (NOG) Update - Feb 8

[dan_s]

Northern Oil and Gas, Inc. (NOG, $11.00, Buy) - Attractive
Acquisition Helps Further Diversify & De-lever w/Solid 4Q
Ops/Guide; Increasing PT - Northern’s recent solid 4Q20 ops
report & positive 2021 updated guidance took a back seat to
the company’s announcement diversifying their non-operated
portfolio by purchasing a sizeable Appalachian position. The
deal appears to be relatively accretive on most metrics even
while including the simultaneous 12.5mm common share offering
though full takeaway and other details are yet to be seen.
Additionally, we believe EQT (EQT – Buy) who operates 95% of
the asset is the ideal operating partner for NOG. Incorporating the
pro-forma impact of the transaction, we increase our PT to $14/
share. - Neal Dingmann at Truist Financial 2-8-2021