Mizuho Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective reduced by investment analysts at Mizuho from $31.00 to $29.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price objective would suggest a potential upside of 42.42% from the stock’s previous close.

A number of other brokerages also recently weighed in on NOG. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Monday, June 29th. Raymond James Financial set a $30.00 price target on Northern Oil and Gas and gave the stock an “outperform” rating in a research note on Monday, June 15th. Wall Street Zen lowered shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Bank of America boosted their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Finally, Citigroup decreased their target price on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas presently has an average rating of “Hold” and an average target price of $31.88.

Northern Oil and Gas Trading Up 9.9%

NYSE:NOG opened at $20.36 on Tuesday. The company has a market capitalization of $2.21 billion, a P/E ratio of -3.20 and a beta of 0.69. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. The firm has a fifty day simple moving average of $21.22 and a 200-day simple moving average of $24.17. Northern Oil and Gas has a 12 month low of $17.18 and a 12 month high of $31.17.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The firm had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The company’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 earnings per share. On average, equities research analysts anticipate that Northern Oil and Gas will post 3.25 earnings per share for the current year.

Insider Buying and Selling at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction dated Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in the stock. Quadrant Capital Group LLC increased its holdings in Northern Oil and Gas by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock valued at $66,000 after purchasing an additional 400 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in Northern Oil and Gas by 18.8% during the fourth quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company’s stock worth $69,000 after purchasing an additional 507 shares in the last quarter. Virtus Investment Advisers LLC boosted its position in shares of Northern Oil and Gas by 8.4% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock worth $159,000 after buying an additional 572 shares during the period. Isthmus Partners LLC boosted its position in shares of Northern Oil and Gas by 0.8% during the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock worth $2,407,000 after buying an additional 619 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in shares of Northern Oil and Gas by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company’s stock worth $1,963,000 after buying an additional 633 shares during the period. 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.