Northern Oil and Gas (NYSE:NOG) Stock Gets Price Target Boost from Citigroup

Key Points

• Citigroup raised Northern Oil and Gas’s price target from $28 to $32 and maintained a “buy” rating, implying approximately 24% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “hold” rating and an average price target of $31.22, with three buys, five holds, and two sells.
• NOG shares traded at $25.76, while the company’s latest quarterly results missed earnings expectations despite revenue rising 5.4% year over year; institutional investors own 98.8% of the stock.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price target boosted by stock analysts at Citigroup from $28.00 to $32.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective would indicate a potential upside of 24.22% from the company's previous close.

NOG has been the subject of several other reports. Weiss Ratings cut Northern Oil and Gas from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, October 8th. Morgan Stanley reissued an "underweight" rating and issued a $26.00 target price (up from $25.00) on shares of Northern Oil and Gas in a research report on Thursday. Raymond James Financial reissued an "outperform" rating and issued a $31.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research note on Thursday, September 10th. Mizuho boosted their target price on Northern Oil and Gas from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of Northern Oil and Gas from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $31.22.

Northern Oil and Gas Price Performance

NYSE NOG traded down $0.54 during trading hours on Thursday, reaching $25.76. 989,749 shares of the stock traded hands, compared to its average volume of 2,595,625. Northern Oil and Gas has a 1 year low of $17.18 and a 1 year high of $31.17. The stock has a 50 day simple moving average of $24.96 and a two-hundred day simple moving average of $23.56. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -4.98 and a beta of 0.90. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.80.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The company had revenue of $745.24 million during the quarter, compared to the consensus estimate of $594.09 million. During the same period last year, the company earned $1.37 earnings per share. Northern Oil and Gas's revenue for the quarter was up 5.4% on a year-over-year basis. On average, analysts predict that Northern Oil and Gas will post 3.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company purchased a new position in Northern Oil and Gas in the second quarter valued at about $917,000. Bank of America Corp DE increased its holdings in shares of Northern Oil and Gas by 18.5% in the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock valued at $36,410,000 after acquiring an additional 194,861 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Northern Oil and Gas in the first quarter worth $8,115,000. First Trust Advisors LP boosted its stake in Northern Oil and Gas by 116.8% during the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock valued at $34,140,000 after purchasing an additional 629,197 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Northern Oil and Gas in the 1st quarter valued at approximately $3,192,000. 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 an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests in wells, allowing it to participate in hydrocarbon development without serving as the principal operator.

Northern Oil and Gas has built a diversified portfolio across several major U.S. oil and natural gas regions, including the Williston Basin, the Permian Basin and the Appalachian Basin.

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