Neal Dingmann Reiterates Buy on Northern Oil and Gas, Citing Disciplined Growth, Strong Cash Flow, and $35 Fair Value Upside

William Blair analyst Neal Dingmann has maintained their bullish stance on NOG stock, giving a Buy rating yesterday.

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Neal Dingmann has given his Buy rating due to a combination of factors tied to Northern Oil and Gas’s operational momentum and valuation upside. He notes that second-quarter spending and production were temporarily reduced by curtailments, but activity is rebounding in the third quarter with capital outlays staying measured even as volumes recover, supporting his view of disciplined growth.

He also emphasizes that deferred volumes, delayed wells coming online, and strong realized pricing—particularly in the Williston—should drive higher cash flow while management maintains capital discipline. Coupled with favorable supply restraint in the basin and effective integration of recent acquisitions such as the Duvernay position, Dingmann sees sustained free cash flow generation and estimates fair value at $35 per share, implying substantial upside from current levels.

In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $28.00 price target.