Northern Oil & Gas (NYSE:NOG) stock price has been rebounding over the last three months, supported by the price target revisions, positive industrial dynamics and improving financial numbers. Its share price bounced back strongly after experiencing a long selloff in the last three years. After hitting the lowest level of $0.66 per share late October, NGS share price gained 283% up-to-date.

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NGS stock is up 56% in the last month alone, rallied 23% since the start of this year. NOG stock is on a solid momentum, as its stock price soared more 7% in Thursday’s trade alone.   

Northern Oil & Gas 20 days and 50 days MA also suggest bullish trends. Its 50 MA is standing close to 66.32% and 200 days MA hover at 74.50%, indicating a bullish trend.

Gains in oil prices are also providing a support to NOG’s shares. In the latest trade, oil prices hit the highest level in the last three years. Oil prices are currently trading around $70 a barrel, thanks to tighter supplies and a strong demand. OPEC’s agreement to cut supplies seems to be working.

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On the other hand, NOG has been enjoying higher oil prices, helping them to generate higher production and revenues. In the latest quarter, its daily production surged 11%, allowing it to increase its overall production level to 1,409,501 Boe.

Moreover, the oil & gas company expects its production to increase in the range of 5% to 6% this year relative to 2016, while it seeks to add 14.0 net wells to production for the year.

Its CEO said, “Our focus on capital allocation is showing up in better well productivity and increased production levels, and our wells in process are concentrated among operators getting some of the best results in the basin. “

NOG also appears in a strong cash position to invest in growth opportunities. The latest credit facility with TPG Sixth Street Partners allowed it to extend the debt maturity along with improving its capital investment potential. Overall, the market dynamics for oil & gas companies are strong and NOG is in a position to capitalize on these opportunities.  

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