Northern Oil and Gas (NYSE:NOG) Stock Price Expected to Rise, Citigroup Analyst Says

Northern Oil and Gas (NYSE:NOG) had its target price boosted by equities research analysts at Citigroup from $34.00 to $39.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 41.19% from the company’s previous close.

Other equities analysts have also issued reports about the company. Bank of America boosted their price target on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Piper Sandler increased their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Morgan Stanley set a $24.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research note on Friday, January 23rd. Royal Bank Of Canada reduced their target price on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $31.71.

Northern Oil and Gas Stock Down 5.5%

Shares of NYSE NOG opened at $27.62 on Tuesday. The stock has a fifty day moving average price of $26.95 and a 200 day moving average price of $24.25. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.13. Northern Oil and Gas has a 12-month low of $19.88 and a 12-month high of $32.62. The company has a market cap of $2.69 billion, a P/E ratio of 83.71 and a beta of 0.94.

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

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently bought and sold shares of NOG. Deprince Race & Zollo Inc. acquired a new position in shares of Northern Oil and Gas in the 4th quarter valued at approximately $25,492,000. Tributary Capital Management LLC grew its position in shares of Northern Oil and Gas by 146.3% during the third 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. Bridgeway Capital Management LLC bought a new stake in shares of Northern Oil and Gas in the third quarter worth $11,295,000. SG Americas Securities LLC increased its stake in shares of Northern Oil and Gas by 499.9% in the fourth quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock worth $9,056,000 after buying an additional 351,490 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Northern Oil and Gas by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock valued at $122,563,000 after acquiring an additional 235,869 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.