Northern Oil and Gas (NYSE:NOG) PT Boosted by Dougherty

Dougherty & Co increased their price target on Northern Oil and Gas (NYSE:NOG), citing as production is expected to increase.

Dougherty said, "While NOG does not provide annual earnings and/or revenue guidance, our 2010 revenue and earnings estimates of $66.3 million and $0.39 per share, respectively, is based on 215% YOY production growth to - 888,000 barrels of oil equivalent (BOE), approximately 18.0 net operating wells, an average sales price of $73 per BOE, and average daily rate of - 2,400 BOE per day. Our earnings and revenue estimates of $0.39 per share and $66.3 million, respectively, are above the street estimates of $0.34 and $56.0 million. NOG has hedged approximately 315,000 barrels, or - 60% of its expected production, for the remainder of 2010 in an effort to stabilize cash flows during this CapX heavy period...Based on the acreage purchases during the quarter and the better than expected production rates, we are increasing our price target from $19 to $21 which based on our NAV analysis."

Northern was trading at $24.25, down $0.19, or 0.78 percent as of 12:55 PM EST. Dougherty, which maintains a "Buy" on them, increased the price target from $19 to $21.