Royal Bank Of Canada Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price lowered by equities researchers at Royal Bank Of Canada from $33.00 to $30.00 in a report released on Tuesday, MarketBeat reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price suggests a potential upside of 34.80% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Wednesday, October 8th. Morgan Stanley reissued an “underweight” rating and set a $26.00 price objective (down from $27.00) on shares of Northern Oil and Gas in a research note on Tuesday, October 14th. Citigroup cut their price objective on Northern Oil and Gas from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, October 20th. Finally, Mizuho increased their target price on Northern Oil and Gas from $28.00 to $30.00 and gave the company a “neutral” rating in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $29.71.

Northern Oil and Gas Price Performance

Shares of NYSE NOG traded up $0.02 during midday trading on Tuesday, hitting $22.26. The company had a trading volume of 408,468 shares, compared to its average volume of 2,022,640. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 12.57 and a beta of 0.98. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $41.74. The business has a 50-day simple moving average of $22.25 and a two-hundred day simple moving average of $24.14. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.05.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Thursday, November 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.21. The company had revenue of $556.64 million during the quarter, compared to the consensus estimate of $528.36 million. Northern Oil and Gas had a net margin of 7.61% and a return on equity of 20.61%. The company’s revenue for the quarter was down 26.1% on a year-over-year basis. During the same period last year, the firm earned $1.40 EPS. Equities research analysts anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its holdings in Northern Oil and Gas by 200.3% in the 2nd quarter. UMB Bank n.a. now owns 955 shares of the company’s stock valued at $27,000 after buying an additional 637 shares during the period. Laurel Wealth Advisors LLC raised its stake in Northern Oil and Gas by 2,736.1% during the second quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company’s stock worth $29,000 after purchasing an additional 985 shares during the period. First Horizon Corp acquired a new position in shares of Northern Oil and Gas in the 3rd quarter valued at $27,000. Jones Financial Companies Lllp grew its stake in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after buying an additional 713 shares during the period. Finally, IFP Advisors Inc increased its holdings in shares of Northern Oil and Gas by 315.7% during the 2nd quarter. IFP Advisors Inc now owns 1,351 shares of the company’s stock worth $38,000 after buying an additional 1,026 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.