Northern Oil and Gas (NYSE:NOG) Price Target Raised to $38.00

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price target hoisted by equities research analysts at Citigroup from $34.00 to $38.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's price target would indicate a potential upside of 23.94% from the company's current price.

Several other equities analysts have also weighed in on NOG. Bank of America boosted their target price on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Mizuho dropped their target price on shares of Northern Oil and Gas from $35.00 to $33.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Raymond James Financial reissued a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Finally, Morgan Stanley reduced their target price on shares of Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Northern Oil and Gas presently has an average rating of "Hold" and an average target price of $38.89.

Northern Oil and Gas Stock Performance

NOG traded down $0.41 on Wednesday, reaching $30.66. The stock had a trading volume of 1,945,248 shares, compared to its average volume of 1,596,556. Northern Oil and Gas has a 12-month low of $19.88 and a 12-month high of $44.31. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The business's 50-day moving average price is $28.47 and its two-hundred day moving average price is $30.82. The company has a market cap of $3.03 billion, a P/E ratio of 4.78 and a beta of 1.50.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.21. The business had revenue of $602.10 million during the quarter, compared to analysts' expectations of $568.87 million. Northern Oil and Gas had a net margin of 26.64% and a return on equity of 23.46%. The company's quarterly revenue was up 51.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.28 earnings per share. Sell-side analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas announced that its board has approved a stock buyback program on Tuesday, March 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue increased its stake in Northern Oil and Gas by 25.3% in the 1st quarter. State of Alaska Department of Revenue now owns 97,025 shares of the company's stock valued at $2,932,000 after buying an additional 19,586 shares during the period. Woodline Partners LP bought a new position in Northern Oil and Gas during the 4th quarter valued at about $997,000. Charles Schwab Investment Management Inc. increased its position in Northern Oil and Gas by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company's stock valued at $39,349,000 after acquiring an additional 73,256 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Northern Oil and Gas by 2,067.5% during the 1st quarter. GAMMA Investing LLC now owns 45,950 shares of the company's stock worth $1,520,000 after buying an additional 43,830 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Northern Oil and Gas by 3.9% during the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock worth $242,937,000 after buying an additional 243,531 shares during the period. 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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