Northern Oil & Gas (NOG) Valuation Update - April 22

[dan_s]

NOG closed today at $23.56.

Because they have so much of their 2025 production hedged, my updated valuation only declined by $1 to $56. < My valuation is just 3.75 X annualized operating cash flow per share. That is a very conservative multiple for a company that has free cash flow locked in for 2025 and NOG has increased production by more than 25% YOY for three years in a row.

TipRanks: "In the last 3 months, 11 ranked analysts set 12-month price targets for NOG. The average price target among the analysts is $39.15." < The 11 price targets range from $50 to $27.

NOG will announce Q1 results on 4/29 after the markets close.

My updated forecast/valuation model will be posted to the EPG website tomorrow morning.