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home / news releases / NOG - EOG Resources cut at BofA seeing limited upside after run-up

NOG - EOG Resources cut at BofA seeing limited upside after run-up

Northern Oil and Gas Inc.
EOG Resources (EOG -0.1%) edges lower as Bank of America downgrades shares to Neutral from Buy with a $104 price target, saying "a strategic pause is warranted" after an 80% YTD run-up. BofA's Doug Leggate says he will step to the sidelines while waiting for global oil markets to rebalance: "Until there is better clarity on rebalancing of global oil markets, we believe it is premature to expect EOG to resume spending on growth with incremental free cash flow prioritizing dividend coverage and maintenance of its balance sheet." Seeing limited upside at current strip prices, Leggate also cuts Northern Oil and Gas (NOG -1.6%) and Continental Resources (CLR -0.4%) to Neutral from Buy.

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EOG Resources cut at BofA, seeing limited upside after run-up
Stock Information
Company Name: Northern Oil and Gas Inc.
Stock Symbol: NOG
Market: NYSE
Website: northernoil.com
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