Bank of America Forecasts Strong Price Appreciation for Northern Oil and Gas (NYSE:NOG) Stock

Northern Oil and Gas (NYSE:NOG) had its price objective lifted by stock analysts at Bank of America from $27.00 to $32.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 7.95% from the company’s current price.

NOG has been the topic of a number of other research reports. Mizuho set a $29.00 target price on shares of Northern Oil and Gas in a report on Wednesday, January 21st. Royal Bank Of Canada lowered their target price on 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. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Citigroup boosted their price objective on Northern Oil and Gas from $28.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, Piper Sandler upped their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.00.

Northern Oil and Gas Stock Up 1.8%

NOG stock opened at $29.64 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. Northern Oil and Gas has a 1-year low of $19.88 and a 1-year high of $32.62. The firm has a fifty day moving average price of $26.25 and a two-hundred day moving average price of $24.10. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 89.82 and a beta of 0.96.

Northern Oil and Gas (NYSE:NOG) last posted 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. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The company had revenue of $610.18 million for the quarter, compared to the consensus estimate of $524.98 million. During the same period last year, the firm posted $1.11 EPS. The company’s revenue for the quarter was up 18.5% on a year-over-year basis. Research analysts predict that Northern Oil and Gas will post 5.18 EPS for the current year.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in the business. Rockefeller Capital Management L.P. grew its holdings in Northern Oil and Gas by 226.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,876 shares of the company’s stock worth $62,000 after buying an additional 1,994 shares in the last quarter. Sankala Group LLC bought a new stake in Northern Oil and Gas during the 4th quarter valued at $88,000. State of Tennessee Department of Treasury boosted its position in Northern Oil and Gas by 21.3% during the 4th quarter. State of Tennessee Department of Treasury now owns 29,316 shares of the company’s stock worth $629,000 after acquiring an additional 5,156 shares during the period. Voloridge Investment Management LLC bought a new position in shares of Northern Oil and Gas in the fourth quarter worth $4,792,000. Finally, Virtus Investment Advisers LLC increased its holdings in shares of Northern Oil and Gas by 8.4% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock valued at $159,000 after purchasing an additional 572 shares during the period. Institutional investors 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.