Northern Oil and Gas (NYSE:NOG) Given New $36.00 Price Target at Citigroup

Key Points

• Citigroup cut its price target for Northern Oil and Gas to $36.00 (from $39.00) but kept a "buy" rating, implying roughly a 39% upside from the prior close.
• Analyst coverage is mixed and the consensus rating is Hold with an average target price of $31.29 (1 Strong Buy, 3 Buy, 4 Hold, 1 Sell).
• Shares traded at $25.88 intraday after the company beat quarterly estimates with $0.83 EPS (vs. $0.71 expected) and $610.2M in revenue; market cap is about $2.52B and the trailing P/E is 78.44.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its target price cut by analysts at Citigroup from $39.00 to $36.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 39.11% from the company's previous close.

Other analysts have also recently issued research reports about the company. Royal Bank Of Canada dropped their price objective on Northern Oil and Gas from $33.00 to $30.00 and set a "sector perform" rating for the company in a research report on Tuesday, January 20th. Bank of America lifted their price target on Northern Oil and Gas from $27.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Morgan Stanley restated an "underweight" rating on shares of Northern Oil and Gas in a report on Friday, March 27th. Weiss Ratings restated a "hold (c-)" rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Finally, Piper Sandler lifted their price target on Northern Oil and Gas from $27.00 to $32.00 and gave the company a "neutral" rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $31.29.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock traded down $1.38 during midday trading on Tuesday, reaching $25.88. 774,071 shares of the company were exchanged, compared to its average volume of 2,454,059. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 78.44 and a beta of 0.94. The firm's 50-day simple moving average is $27.58 and its 200-day simple moving average is $24.35. Northern Oil and Gas has a 1 year low of $20.18 and a 1 year high of $32.62. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.09 and a current ratio of 1.09.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.12. The firm had revenue of $610.18 million during the quarter, compared to analysts' expectations of $524.98 million. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The firm's quarterly revenue was up 18.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.11 EPS. On average, analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current year.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC grew its holdings in shares of Northern Oil and Gas by 14.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company's stock worth $66,000 after purchasing an additional 400 shares during the period. Range Financial Group LLC grew its holdings in shares of Northern Oil and Gas by 5.3% during the 3rd quarter. Range Financial Group LLC now owns 9,736 shares of the company's stock worth $241,000 after purchasing an additional 486 shares during the period. SBI Securities Co. Ltd. grew its holdings in shares of Northern Oil and Gas by 18.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company's stock worth $69,000 after purchasing an additional 507 shares during the period. Virtus Investment Advisers LLC grew its holdings in shares of Northern Oil and Gas by 8.4% during the 4th quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company's stock worth $159,000 after purchasing an additional 572 shares during the period. Finally, First National Advisers LLC lifted its position in Northern Oil and Gas by 4.8% during the 3rd quarter. First National Advisers LLC now owns 12,665 shares of the company's stock worth $314,000 after acquiring an additional 580 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 a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company's primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

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