Bank of America Forecasts Strong Price Appreciation for Northern Oil and Gas (NYSE:NOG) Stock

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price objective increased by analysts at Bank of America from $29.00 to $33.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's target price would suggest a potential upside of 22.86% from the company's current price.

Several other brokerages have also weighed in on NOG. Citigroup decreased their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Mizuho decreased their target price on Northern Oil and Gas from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Raymond James reissued a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Finally, Royal Bank of Canada decreased their price objective on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $39.67.

Northern Oil and Gas Stock Up 0.1%

NOG traded up $0.02 during trading hours on Friday, reaching $26.86. 432,902 shares of the stock traded hands, compared to its average volume of 1,528,544. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 5.23 and a beta of 1.47. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The firm's fifty day simple moving average is $26.24 and its two-hundred day simple moving average is $33.52.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $602.10 million during the quarter, compared to the consensus estimate of $568.87 million. During the same period last year, the firm earned $1.28 earnings per share. The company's revenue was up 51.9% on a year-over-year basis. As a group, analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has initiated a share repurchase program on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi acquired 40,000 shares of Northern Oil and Gas stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O'grady bought 1,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, the chief executive officer now directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. The trade was a 0.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company's stock.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new stake in Northern Oil and Gas in the 4th quarter worth approximately $29,000. Pinnacle Holdings LLC acquired a new position in shares of Northern Oil and Gas in the first quarter worth $28,000. Signaturefd LLC boosted its position in Northern Oil and Gas by 60.0% during the first quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after purchasing an additional 405 shares during the last quarter. Jones Financial Companies Lllp boosted its position 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 purchasing an additional 713 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after purchasing an additional 801 shares in the last quarter. 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, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.

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