Northern Oil and Gas (NYSE:NOG) Price Target Lowered to $28.00 at Citigroup

Northern Oil and Gas (NYSE:NOG) had its price target reduced by Citigroup from $36.00 to $28.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

NOG has been the topic of several other research reports. Wall Street Zen downgraded Northern Oil and Gas from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Bank of America boosted their target price on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Royal Bank Of Canada upped their price target on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Mizuho cut their price target on Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, July 14th. Finally, Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the stock an “underweight” rating in a report on Monday, June 29th. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.62.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $21.23 on Monday. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -3.33 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. Northern Oil and Gas has a 52 week low of $17.18 and a 52 week high of $31.17. The firm’s 50-day simple moving average is $20.84 and its two-hundred day simple moving average is $24.14.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The firm had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the prior year, the firm earned $1.33 EPS. The company’s revenue was down 6.2% compared to the same quarter last year. As a group, equities analysts forecast that Northern Oil and Gas will post 3.48 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a $0.45 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.80 annualized dividend and a dividend yield of 8.5%. Northern Oil and Gas’s payout ratio is -28.26%.

Insider Activity

In related news, Director Bahram Akradi acquired 25,760 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the purchase, the director owned 1,713,444 shares in the company, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOG. AQR Capital Management LLC increased its position in shares of Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after buying an additional 14,492 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Northern Oil and Gas by 3.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock valued at $1,763,000 after acquiring an additional 1,865 shares during the period. Jones Financial Companies Lllp grew its stake in Northern Oil and Gas by 181.0% during the first 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 in the last quarter. Empowered Funds LLC grew its stake in Northern Oil and Gas by 5.0% during the first quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock valued at $1,972,000 after acquiring an additional 3,124 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in Northern Oil and Gas by 41.8% during the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock worth $1,404,000 after acquiring an additional 13,690 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.