Northern Oil and Gas (NYSE:NOG) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Northern Oil and Gas from “hold” to “strong buy.” Despite the upgrade, analysts’ average rating remained “hold,” with a consensus price target of $31.56.
• NOG reported quarterly EPS of $1.32, beating the $1.09 consensus estimate; revenue was $345.91 million, below expectations of $617.68 million, but up 45.2% year over year.

Northern Oil and Gas (NYSE:NOG - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

NOG has been the subject of a number of other research reports. Scotiabank initiated coverage on Northern Oil and Gas in a research report on Wednesday, October 14th. They issued a "sector perform" rating and a $27.00 price target for the company. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, October 30th. Raymond James Financial restated an "outperform" rating and set a $34.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, October 28th. Morgan Stanley reaffirmed an "underweight" rating and set a $26.00 price objective (up from $25.00) on shares of Northern Oil and Gas in a research note on Thursday, October 15th. Finally, Wall Street Zen upgraded shares of Northern Oil and Gas from a "buy" rating to a "strong-buy" rating in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $31.56.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $23.40 on Monday. The company has a market capitalization of $2.48 billion, a PE ratio of 5.69 and a beta of 0.85. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.80 and a current ratio of 0.59. The stock has a fifty day moving average of $25.35 and a 200-day moving average of $24.54. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its 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. The business had revenue of $345.91 million for the quarter, compared to analysts' expectations of $617.68 million. Northern Oil and Gas had a positive return on equity of 21.81% and a negative net margin of 27.47%. The company's quarterly revenue was up 45.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. As a group, equities analysts anticipate that Northern Oil and Gas will post 3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NOG. Root Financial Partners LLC acquired a new position in Northern Oil and Gas during the third quarter valued at $28,000. Triumph Capital Management boosted its position in Northern Oil and Gas by 77.8% during the 3rd quarter. Triumph Capital Management now owns 1,600 shares of the company's stock worth $37,000 after acquiring an additional 700 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in Northern Oil and Gas during the 2nd quarter worth about $29,000. Allworth Financial LP acquired a new stake in Northern Oil and Gas during the 2nd quarter worth about $31,000. Finally, Farther Finance Advisors LLC grew its stake in Northern Oil and Gas by 41.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,751 shares of the company's stock valued at $40,000 after acquiring an additional 511 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.