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.

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.