Northern Oil and Gas (NYSE:NOG) Price Target Cut to $28.00 by Analysts at Mizuho

Key Points

• Mizuho has cut its price target for Northern Oil and Gas from $32.00 to $28.00, maintaining a "neutral" rating, which suggests a potential upside of 10.30% from the stock's previous close.
• Other analysts have offered mixed ratings, with Citigroup revising its target price to $38.00 and Morgan Stanley lowering theirs to $27.00.
• Recent quarterly earnings surpassed estimates, with Northern Oil and Gas reporting $1.37 earnings per share, significantly higher than the forecasted $0.87.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its target price reduced by research analysts at Mizuho from $32.00 to $28.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Mizuho's price objective would indicate a potential upside of 10.30% from the company's previous close.

NOG has been the subject of several other research reports. Citigroup increased their target price on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. William Blair assumed coverage on shares of Northern Oil and Gas in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Morgan Stanley lowered shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and lowered their price target for the stock from $29.00 to $27.00 in a report on Monday, August 18th. Bank of America lifted their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Royal Bank Of Canada cut their price objective on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a report on Monday, July 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $36.44.

Northern Oil and Gas Price Performance

NYSE:NOG traded down $0.06 on Monday, reaching $25.39. The stock had a trading volume of 438,546 shares, compared to its average volume of 1,792,244. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $2.48 billion, a P/E ratio of 4.20 and a beta of 1.67. The stock has a fifty day moving average price of $26.46 and a 200-day moving average price of $27.16. Northern Oil and Gas has a 1-year low of $19.88 and a 1-year high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The business had revenue of $706.81 million during the quarter, compared to the consensus estimate of $555.54 million. During the same period in the previous year, the firm posted $1.46 earnings per share. Northern Oil and Gas's revenue for the quarter was up 26.0% compared to the same quarter last year. Research analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NOG. Cetera Investment Advisers lifted its position in shares of Northern Oil and Gas by 26.7% during the 4th quarter. Cetera Investment Advisers now owns 13,749 shares of the company's stock valued at $511,000 after buying an additional 2,898 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Northern Oil and Gas by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,469 shares of the company's stock valued at $2,098,000 after acquiring an additional 2,157 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Northern Oil and Gas by 44.4% during the 4th quarter. ProShare Advisors LLC now owns 29,899 shares of the company's stock worth $1,111,000 after buying an additional 9,193 shares in the last quarter. Snowden Capital Advisors LLC grew its position in shares of Northern Oil and Gas by 7.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 15,210 shares of the company's stock worth $572,000 after buying an additional 1,060 shares in the last quarter. Finally, State of Wyoming bought a new stake in Northern Oil and Gas during the fourth quarter valued at about $172,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

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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