Northern Oil and Gas (NYSE:NOG) Price Target Cut to $50.00 by Analysts at Citigroup

Northern Oil and Gas (NYSE:NOG) had its price target cut by Citigroup from $55.00 to $50.00 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently weighed in on the company. Stifel Nicolaus boosted their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Morgan Stanley boosted their price objective on Northern Oil and Gas from $38.00 to $41.00 and gave the company an equal weight rating in a report on Monday, April 15th. Bank of America cut Northern Oil and Gas from a buy rating to an underperform rating and set a $39.00 price objective for the company. in a report on Friday, January 5th. Piper Sandler boosted their price objective on Northern Oil and Gas from $38.00 to $42.00 and gave the company a neutral rating in a report on Friday, April 19th. Finally, StockNews.com upgraded Northern Oil and Gas from a sell rating to a hold rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $47.90.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $40.59 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96. Northern Oil and Gas has a 1 year low of $29.57 and a 1 year high of $43.75. The stock’s 50 day simple moving average is $39.72 and its two-hundred day simple moving average is $37.31. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 6.58 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.10. The firm had revenue of $396.35 million for the quarter, compared to the consensus estimate of $505.67 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The company’s revenue for the quarter was down 31.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.76 EPS. As a group, equities analysts anticipate that Northern Oil and Gas will post 5.46 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Thursday, June 27th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is 25.93%.

Insider Buying and Selling

In related news, insider James B. Evans sold 945 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the transaction, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James B. Evans sold 945 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares in the company, valued at $3,187,136. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock worth $436,614 in the last three months. 2.80% of the stock is owned by insiders.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jump Financial LLC purchased a new position in Northern Oil and Gas during the third quarter worth approximately $4,462,000. Ninepoint Partners LP increased its stake in Northern Oil and Gas by 12.5% during the fourth quarter. Ninepoint Partners LP now owns 450,000 shares of the company’s stock worth $16,682,000 after acquiring an additional 50,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Northern Oil and Gas by 34.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,963 shares of the company’s stock valued at $555,000 after buying an additional 3,848 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Northern Oil and Gas by 11.6% in the third quarter. Wellington Management Group LLP now owns 417,265 shares of the company’s stock valued at $16,787,000 after purchasing an additional 43,527 shares during the period. Finally, Sei Investments Co. lifted its holdings in Northern Oil and Gas by 38.6% during the 3rd quarter. Sei Investments Co. now owns 419,762 shares of the company’s stock worth $16,888,000 after buying an additional 116,983 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

About Northern Oil and Gas

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.