Northern Oil and Gas (NYSE:NOG) Given New $34.00 Price Target at Citigroup

Northern Oil and Gas (NYSE:NOG) had its target price increased by Citigroup from $28.00 to $34.00 in a report released on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other analysts have also recently issued reports on NOG. Morgan Stanley set a $24.00 price objective on Northern Oil and Gas and gave the company an “underweight” rating in a research note on Friday, January 23rd. Mizuho set a $29.00 price target on Northern Oil and Gas in a research report on Wednesday, January 21st. Piper Sandler lifted their price objective on shares of Northern Oil and Gas from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, March 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada decreased their price target on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating for the company in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $30.43.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock opened at $28.58 on Wednesday. The stock has a market cap of $2.78 billion, a P/E ratio of 86.59 and a beta of 0.96. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.13. The stock has a 50 day moving average of $24.93 and a 200-day moving average of $23.93. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $32.62.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.12. The business had revenue of $610.18 million during the quarter, compared to analyst estimates of $524.98 million. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The business’s revenue was up 18.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 earnings per share. On average, analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, March 30th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s payout ratio is presently 545.45%.

Institutional Investors Weigh In On Northern Oil and Gas

Large investors have recently made changes to their positions in the company. Tributary Capital Management LLC grew its holdings in Northern Oil and Gas by 146.3% in the 3rd quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock worth $32,544,000 after buying an additional 779,492 shares in the last quarter. Channing Capital Management LLC raised its stake in Northern Oil and Gas by 15.7% during the 3rd quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company’s stock valued at $42,214,000 after acquiring an additional 230,899 shares in the last quarter. Campbell & CO Investment Adviser LLC boosted its position in Northern Oil and Gas by 390.1% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 72,721 shares of the company’s stock worth $1,803,000 after acquiring an additional 57,882 shares during the period. 12th Street Asset Management Company LLC grew its stake in shares of Northern Oil and Gas by 20.0% in the third quarter. 12th Street Asset Management Company LLC now owns 240,730 shares of the company’s stock worth $5,970,000 after purchasing an additional 40,181 shares in the last quarter. Finally, Register Financial Advisors LLC increased its holdings in shares of Northern Oil and Gas by 364.4% during the third quarter. Register Financial Advisors LLC now owns 104,547 shares of the company’s stock valued at $2,593,000 after purchasing an additional 82,033 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.