Bank of America Issues Positive Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price raised by Bank of America from $27.00 to $32.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley set a $24.00 price target on Northern Oil and Gas and gave the stock an “underweight” rating in a report on Friday, January 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. Royal Bank Of Canada decreased their target price on shares of 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. Piper Sandler raised their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Finally, Citigroup lifted their price target on shares of Northern Oil and Gas from $28.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. 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 assigned a Sell rating to the company. According to data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus price target of $31.00.

Northern Oil and Gas Trading Up 1.9%

Shares of NOG opened at $29.14 on Tuesday. Northern Oil and Gas has a 12 month low of $19.88 and a 12 month high of $32.62. The stock’s 50-day moving average is $26.11 and its two-hundred day moving average is $24.06. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market cap of $2.83 billion, a PE ratio of 88.29 and a beta of 0.96.

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

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, March 30th will be issued a dividend of $0.45 per share. The ex-dividend date is Monday, March 30th. This represents a $1.80 annualized dividend and a yield of 6.2%. Northern Oil and Gas’s payout ratio is currently 545.45%.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Horizon Corp bought a new stake in shares of Northern Oil and Gas in the third quarter worth $27,000. Laurel Wealth Advisors LLC boosted its stake in Northern Oil and Gas by 2,736.1% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company’s stock valued at $29,000 after acquiring an additional 985 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in 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 acquiring an additional 713 shares during the last quarter. Global Retirement Partners LLC grew its holdings in 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 acquiring an additional 1,432 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new position in Northern Oil and Gas during the 4th quarter worth $43,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Company Profile

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.