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

Northern Oil and Gas (NYSE:NOG) had its price objective raised by research analysts at Citigroup from $28.00 to $32.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective points to a potential upside of 24.22% from the stock’s current price.

A number of other research analysts have also recently issued reports on NOG. Scotiabank started coverage on Northern Oil and Gas in a research note on Wednesday. They issued a “sector perform” rating and a $27.00 target price for the company. Weiss Ratings lowered shares of Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. Raymond James Financial restated an “outperform” rating and set a $31.00 target price (up from $28.00) on shares of Northern Oil and Gas in a research report on Thursday, September 10th. Morgan Stanley reaffirmed an “underweight” rating and issued a $26.00 target price (up from $25.00) on shares of Northern Oil and Gas in a research report on Thursday. Finally, Mizuho upped their target price on shares of Northern Oil and Gas from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.22.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock traded down $0.54 during trading hours on Thursday, reaching $25.76. 989,749 shares of the company were exchanged, compared to its average volume of 2,595,625. The stock has a 50-day moving average of $24.96 and a 200 day moving average of $23.56. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37. Northern Oil and Gas has a 12 month low of $17.18 and a 12 month high of $31.17. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -4.98 and a beta of 0.90.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The firm’s revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the company earned $1.37 earnings per share. As a group, research analysts anticipate that Northern Oil and Gas will post 3.68 earnings per share for the current year.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Triumph Capital Management raised its position in Northern Oil and Gas by 77.8% in the 3rd quarter. Triumph Capital Management now owns 1,600 shares of the company’s stock worth $37,000 after buying an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Northern Oil and Gas by 18.5% during the 3rd quarter. GAMMA Investing LLC now owns 4,015 shares of the company’s stock valued at $92,000 after purchasing an additional 628 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Northern Oil and Gas by 41.2% in the third quarter. Farther Finance Advisors LLC now owns 1,751 shares of the company’s stock worth $40,000 after acquiring an additional 511 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Northern Oil and Gas by 23.4% during the second quarter. The Manufacturers Life Insurance Company now owns 50,521 shares of the company’s stock worth $917,000 after acquiring an additional 9,594 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Northern Oil and Gas during the 2nd quarter valued at approximately $279,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests in wells, allowing it to participate in hydrocarbon development without serving as the principal operator.

Northern Oil and Gas has built a diversified portfolio across several major U.S. oil and natural gas regions, including the Williston Basin, the Permian Basin and the Appalachian Basin.