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

Key Points

• Citigroup cut its price target on Northern Oil and Gas from $32 to $30 but kept a Buy rating; the new target implies 25.38% upside from the prior close.
• Analyst views are mixed: MarketBeat’s consensus rating is Hold, with an average price target of $31.33.
• Northern Oil and Gas reported quarterly EPS of $1.32, topping the $1.09 estimate, while revenue of $345.91 million fell short of analysts’ $617.68 million forecast; revenue was up 45.2% year over year.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price objective dropped by equities researchers at Citigroup from $32.00 to $30.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price would suggest a potential upside of 25.38% from the company's previous close.

A number of other brokerages have also commented on NOG. Zacks Research raised Northern Oil and Gas from a "hold" rating to a "strong-buy" rating in a report on Monday. Scotiabank started coverage on shares of Northern Oil and Gas in a report on Wednesday, October 14th. They issued a "sector perform" rating and a $27.00 price objective for the company. Weiss Ratings upgraded shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, October 30th. Wall Street Zen upgraded shares of Northern Oil and Gas from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Morgan Stanley reissued an "underweight" rating and set a $26.00 target price (up from $25.00) on shares of Northern Oil and Gas in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $31.33.

Northern Oil and Gas Stock Performance

NOG traded up $0.52 during trading hours on Wednesday, hitting $23.93. The company's stock had a trading volume of 642,881 shares, compared to its average volume of 2,543,110. Northern Oil and Gas has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The company has a current ratio of 0.59, a quick ratio of 0.80 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $2.53 billion, a PE ratio of -4.87 and a beta of 0.85. The company has a 50-day simple moving average of $25.35 and a 200 day simple moving average of $24.54.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $0.23. Northern Oil and Gas had a positive return on equity of 21.81% and a negative net margin of 27.47%. The company had revenue of $345.91 million during the quarter, compared to analyst estimates of $617.68 million. During the same quarter in the previous year, the firm posted $1.03 EPS. The firm's quarterly revenue was up 45.2% on a year-over-year basis. As a group, sell-side analysts expect that Northern Oil and Gas will post 3.84 EPS for the current year.

Institutional Trading of Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Counterpoint Mutual Funds LLC grew its holdings in Northern Oil and Gas by 3,057.0% during the third quarter. Counterpoint Mutual Funds LLC now owns 427,012 shares of the company's stock worth $9,770,000 after acquiring an additional 413,486 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Northern Oil and Gas in the second quarter worth about $917,000. Bank of America Corp DE raised its position in Northern Oil and Gas by 18.5% in the first quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock worth $36,410,000 after acquiring an additional 194,861 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Northern Oil and Gas in the first quarter worth about $8,115,000. Finally, Jupiter Topco LLC acquired a new stake in Northern Oil and Gas in the 2nd quarter valued at about $756,000. Institutional investors own 98.80% of the company's stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc. is an independent energy company that acquires interests in oil and natural gas properties across the United States. It primarily holds non-operated working interests, partnering with other companies that manage drilling and production activities. The company's portfolio spans several major U.S. producing regions, including the Williston, Permian, Appalachian and Uinta basins. Its interests include properties producing crude oil, natural gas and natural gas liquids. Founded in 2006, Northern Oil and Gas initially focused on the Williston Basin.

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