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

Northern Oil and Gas (NYSE:NOG) had its price objective boosted by Citigroup from $34.00 to $39.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently commented on the stock. Bank of America lifted 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 report on Tuesday, March 24th. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Piper Sandler upped their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. 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 report on Tuesday, January 20th. Finally, Mizuho set a $29.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $31.71.

Northern Oil and Gas Stock Down 2.4%

Shares of NYSE NOG opened at $29.20 on Tuesday. The business has a 50-day moving average price of $26.87 and a 200 day moving average price of $24.23. The stock has a market cap of $2.84 billion, a PE ratio of 88.47 and a beta of 0.96. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13. 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 released its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.71 by $0.12. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The company had revenue of $610.18 million for the quarter, compared to analyst estimates of $524.98 million. During the same quarter in the previous year, the company posted $1.11 earnings per share. The firm’s revenue was up 18.5% compared to the same quarter last year. Equities research analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, March 30th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Monday, March 30th. This represents a $1.80 dividend on an annualized basis and a yield of 6.2%. Northern Oil and Gas’s dividend payout ratio is presently 545.45%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Northern Oil and Gas by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock worth $233,453,000 after purchasing an additional 141,499 shares during the period. Dimensional Fund Advisors LP grew its holdings in Northern Oil and Gas by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock valued at $122,563,000 after purchasing an additional 235,869 shares during the period. Westfield Capital Management Co. LP increased its holdings in shares of Northern Oil and Gas by 9.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,899,017 shares of the company’s stock worth $47,096,000 after buying an additional 158,713 shares during the last quarter. Channing Capital Management LLC increased its stake in Northern Oil and Gas by 15.7% during the third quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company’s stock worth $42,214,000 after acquiring an additional 230,899 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Northern Oil and Gas by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,450,294 shares of the company’s stock worth $31,138,000 after purchasing an additional 105,876 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.