Northern Oil and Gas (NYSE:NOG) Given New $28.00 Price Target at Citigroup

Key Points

• Citigroup has revised its price target for Northern Oil and Gas from $32.00 to $28.00, while maintaining a "buy" rating, suggesting a potential upside of 30.75% from the current price.
• Multiple analysts have lowered their price targets for the company, with Piper Sandler setting a target of $25.00 and Mizuho also at $28.00, reflecting a generally cautious outlook.
• Northern Oil and Gas stock recently traded down 0.8% to $21.42, with current ratings indicating one Strong Buy, four Buys, five Holds, and one Sell from research analysts.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its target price reduced by research analysts at Citigroup from $32.00 to $28.00 in a report released on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 30.75% from the company's current price.

A number of other analysts have also commented on the company. Piper Sandler restated a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. William Blair initiated coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho cut their price target on Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Monday, September 15th. Weiss Ratings restated a "hold (c-)" rating on shares of Northern Oil and Gas in a report on Wednesday, October 8th. Finally, Morgan Stanley restated an "underweight" rating and issued a $26.00 price target (down from $27.00) on shares of Northern Oil and Gas in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $33.00.

Northern Oil and Gas Trading Down 0.8%

NOG stock traded down $0.18 during midday trading on Monday, hitting $21.42. 1,000,904 shares of the company's stock were exchanged, compared to its average volume of 1,848,773. The stock's fifty day moving average price is $24.87 and its 200-day moving average price is $26.35. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $2.09 billion, a PE ratio of 3.53 and a beta of 1.61. Northern Oil and Gas has a one year low of $19.88 and a one year high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Monday, March 6th. The company reported $1.06 EPS for the quarter. The company had revenue of $319.19 million for the quarter. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%. Research analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors have recently bought and sold shares of the business. Range Financial Group LLC grew its position in shares of Northern Oil and Gas by 5.3% in the third quarter. Range Financial Group LLC now owns 9,736 shares of the company's stock valued at $241,000 after purchasing an additional 486 shares during the last quarter. ZWJ Investment Counsel Inc. grew its position in shares of Northern Oil and Gas by 27.0% in the third quarter. ZWJ Investment Counsel Inc. now owns 10,243 shares of the company's stock valued at $254,000 after purchasing an additional 2,178 shares during the last quarter. Trust Point Inc. lifted its stake in Northern Oil and Gas by 9.2% during the third quarter. Trust Point Inc. now owns 11,094 shares of the company's stock worth $275,000 after purchasing an additional 935 shares during the last quarter. Heritage Family Offices LLP lifted its stake in Northern Oil and Gas by 38.4% during the third quarter. Heritage Family Offices LLP now owns 9,389 shares of the company's stock worth $233,000 after purchasing an additional 2,606 shares during the last quarter. Finally, Doliver Advisors LP lifted its stake in Northern Oil and Gas by 12.9% during the third quarter. Doliver Advisors LP now owns 30,646 shares of the company's stock worth $760,000 after purchasing an additional 3,500 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company's stock.

About Northern Oil and Gas

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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