Piper Sandler Lifts PT on Northern Oil and Gas (NOG) to $31 From $30

Northern Oil and Gas, Inc. (NYSE:NOG) is one of the most oversold energy stocks to buy right now. On July 17, Piper Sandler raised the firm’s price target on Northern Oil and Gas, Inc. (NYSE:NOG) to $31 from $30, while keeping a Neutral rating on the shares.

Is Northern Oil and Gas, Inc. (NOG) the Underperforming Stock Targeted By Short Sellers?

An aerial view of an oil and gas platform in the middle of the ocean, representing the massive resources harvested by the company.

The firm told investors that the E&P investing environment poses challenges coming out of Q2 with a backdrop entailing heightened geopolitical risk and a volatile oil price environment offset by higher OPEC+ supplies. It also stated that stubbornly high supplies and strong inventory builds offset strong secular gas-demand trends.

Piper further told investors that the long-term gas demand story underwent a shot in the arm on the back of the PA Power and Innovation Summit, driven by data center buildout and power generation, with $90B of announcement investment in power and data center buildout. The firm added that it prefers a more defensive positioning in oil.

Northern Oil and Gas, Inc. (NYSE:NOG) acquires, develops, explores, and produces natural gas and crude oil properties. Its focus is on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana.

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Disclosure: None. This article is originally published at Insider Monkey.