Citigroup Raises Northern Oil and Gas (NYSE:NOG) Price Target to $39.00

Northern Oil and Gas (NYSE:NOG) had its price objective upped by investment analysts at Citigroup from $34.00 to $39.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price indicates a potential upside of 33.58% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Royal Bank Of Canada decreased their price target 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. Morgan Stanley set a $24.00 target price on Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Friday, January 23rd. Bank of America boosted their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Piper Sandler upped their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.71.

Northern Oil and Gas Trading Down 2.4%

NYSE NOG traded down $0.71 on Tuesday, hitting $29.20. 1,999,489 shares of the stock were exchanged, compared to its average volume of 2,507,600. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a fifty day moving average price of $26.73 and a two-hundred day moving average price of $24.20. The firm has a market capitalization of $2.84 billion, a P/E ratio of 88.47 and a beta of 0.96. Northern Oil and Gas has a 52-week low of $19.88 and a 52-week high of $32.62.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Tributary Capital Management LLC lifted its stake in shares of Northern Oil and Gas by 146.3% during the 3rd quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock worth $32,544,000 after purchasing an additional 779,492 shares during the last quarter. Channing Capital Management LLC grew its stake in Northern Oil and Gas by 15.7% in the third quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company’s stock valued at $42,214,000 after purchasing an additional 230,899 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its holdings in Northern Oil and Gas by 390.1% in the third quarter. Campbell & CO Investment Adviser LLC now owns 72,721 shares of the company’s stock worth $1,803,000 after purchasing an additional 57,882 shares in the last quarter. 12th Street Asset Management Company LLC lifted its position in shares of Northern Oil and Gas by 20.0% during the third quarter. 12th Street Asset Management Company LLC now owns 240,730 shares of the company’s stock valued at $5,970,000 after buying an additional 40,181 shares during the last quarter. Finally, Register Financial Advisors LLC lifted its position in shares of Northern Oil and Gas by 364.4% during the third quarter. Register Financial Advisors LLC now owns 104,547 shares of the company’s stock valued at $2,593,000 after buying an additional 82,033 shares during the last quarter. 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 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.