Citigroup Lowers Northern Oil and Gas (NYSE:NOG) Price Target to $28.00

Northern Oil and Gas (NYSE:NOG) had its target price cut by investment analysts at Citigroup from $36.00 to $28.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 27.77% from the company’s current price.

Several other equities research analysts have also recently issued reports on NOG. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Royal Bank Of Canada increased their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Johnson Rice downgraded Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price on the stock. in a research report on Wednesday, May 20th. Mizuho decreased their target price on Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 14th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $30.62.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $21.91 on Monday. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market capitalization of $2.38 billion, a PE ratio of -3.44 and a beta of 0.69. Northern Oil and Gas has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The company has a fifty day moving average of $20.80 and a two-hundred day moving average of $24.14.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $5.03 million for the quarter, compared to analyst estimates of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The company’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.33 earnings per share. As a group, research analysts forecast that Northern Oil and Gas will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. The trade was a 1.53% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is owned by company insiders.

Institutional Trading of Northern Oil and Gas

Several hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in Northern Oil and Gas by 55.1% in the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after acquiring an additional 14,492 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Northern Oil and Gas by 3.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after acquiring an additional 1,865 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. Empowered Funds LLC increased its position in shares of Northern Oil and Gas by 5.0% in the 1st quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock valued at $1,972,000 after purchasing an additional 3,124 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Northern Oil and Gas by 41.8% in the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after purchasing an additional 13,690 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

About Northern Oil and Gas

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.