Citigroup Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price target lowered by stock analysts at Citigroup from $39.00 to $36.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective would suggest a potential upside of 38.86% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Bank of America increased their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Mizuho set a $29.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, January 21st. Royal Bank Of Canada decreased their price objective 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 report on Tuesday, January 20th. Morgan Stanley reiterated an “underweight” rating on shares of Northern Oil and Gas in a research report on Friday, March 27th. Finally, Piper Sandler increased their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. One investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus price target of $31.29.

Northern Oil and Gas Stock Up 1.0%

NYSE:NOG opened at $25.93 on Tuesday. The firm’s 50 day simple moving average is $27.62 and its 200 day simple moving average is $24.35. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. Northern Oil and Gas has a one year low of $20.18 and a one year high of $32.62. The company has a market cap of $2.74 billion, a PE ratio of 78.56 and a beta of 0.94.

Northern Oil and Gas (NYSE:NOG) last posted its 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. The business 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 last year, the company earned $1.11 EPS. On average, research analysts anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. First Horizon Corp acquired a new position in shares of Northern Oil and Gas during the 3rd quarter valued at $27,000. Jones Financial Companies Lllp lifted its position in shares of 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 period. Global Retirement Partners LLC lifted its position in shares of 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 valued at $36,000 after acquiring an additional 1,432 shares during the period. Plato Investment Management Ltd acquired a new position in shares of Northern Oil and Gas during the 4th quarter valued at $43,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Northern Oil and Gas by 429.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after acquiring an additional 1,228 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.