Citigroup Issues Positive Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price boosted by stock analysts at Citigroup from $28.00 to $34.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 20.11% from the company’s current price.

A number of other equities analysts also recently commented on the stock. Mizuho set a $29.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, January 21st. 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 report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. Royal Bank Of Canada cut 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 research note on Tuesday, January 20th. Finally, Piper Sandler lifted their price target on Northern Oil and Gas from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $30.43.

Northern Oil and Gas Stock Performance

NOG stock traded up $0.78 during trading on Wednesday, hitting $28.31. The company had a trading volume of 1,194,940 shares, compared to its average volume of 2,211,880. The firm has a 50-day moving average price of $24.79 and a 200-day moving average price of $23.90. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13. The firm has a market cap of $2.75 billion, a PE ratio of 85.80 and a beta of 0.96. Northern Oil and Gas has a 1-year low of $19.88 and a 1-year high of $32.62.

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

Institutional Investors Weigh In On Northern Oil and Gas

A number of large investors have recently bought and sold shares of the stock. First Horizon Corp purchased a new stake in shares of Northern Oil and Gas in the third quarter valued at $27,000. Laurel Wealth Advisors LLC raised its stake in Northern Oil and Gas by 2,736.1% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company’s stock valued at $29,000 after purchasing an additional 985 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in 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 in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Northern Oil and Gas during the fourth quarter worth about $43,000. 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.