Northern Oil and Gas (NYSE:NOG) Stock Price Expected to Rise, Mizuho Analyst Says

Key Points

• Mizuho raised Northern Oil and Gas’ price target from $29 to $30 while maintaining a “neutral” rating, implying roughly 15% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $31.12, with targets ranging from $25 to $31.
• NOG shares traded at $26.05, while the company reported quarterly revenue of $745.24 million—above estimates—but EPS of $1.13 missed consensus by $0.05. Institutional investors own approximately 98.8% of the stock.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price objective boosted by investment analysts at Mizuho from $29.00 to $30.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Mizuho's target price suggests a potential upside of 15.16% from the company's previous close.

Several other brokerages also recently issued reports on NOG. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Raymond James Financial reaffirmed an "outperform" rating and set a $31.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research report on Thursday, September 10th. Citigroup dropped their price objective on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Weiss Ratings cut shares of Northern Oil and Gas from a "sell (d+)" rating to a "sell (d)" rating in a research note on Thursday, October 8th. Finally, Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the company an "underweight" rating in a research report on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $31.12.

Northern Oil and Gas Price Performance

NOG traded down $0.34 during midday trading on Wednesday, hitting $26.05. The company had a trading volume of 670,363 shares, compared to its average volume of 2,595,219. The firm's 50-day simple moving average is $24.83 and its 200-day simple moving average is $23.59. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $2.78 billion, a PE ratio of -5.02 and a beta of 0.90.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%. The company had revenue of $745.24 million during the quarter, compared to the consensus estimate of $594.09 million. During the same quarter in the prior year, the business earned $1.37 earnings per share. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts predict that Northern Oil and Gas will post 3.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently bought and sold shares of NOG. The Manufacturers Life Insurance Company purchased a new position in Northern Oil and Gas in the second quarter worth about $917,000. Bank of America Corp DE lifted its stake 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 worth $36,410,000 after purchasing an additional 194,861 shares during the period. Hsbc Holdings PLC bought a new stake in Northern Oil and Gas during the first quarter valued at about $8,115,000. First Trust Advisors LP raised 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 worth $34,140,000 after acquiring an additional 629,197 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Northern Oil and Gas in the 1st quarter worth $3,192,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Company Profile

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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