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 lifted by investment analysts at Citigroup from $34.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 23.08% from the company's current price.

Other equities analysts have also issued reports about the stock. Piper Sandler cut their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Royal Bank Of Canada cut 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 research report on Monday, April 14th. Bank of America lifted 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 research 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 research report on Tuesday, May 13th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $38.89.

Northern Oil and Gas Stock Performance

NYSE:NOG traded up $0.11 on Wednesday, reaching $30.88. 591,378 shares of the company's stock were exchanged, compared to its average volume of 1,598,708. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 4.81 and a beta of 1.50. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $44.31. The stock has a fifty day simple moving average of $28.71 and a 200-day simple moving average of $30.79.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in NOG. Charles Schwab Investment Management Inc. increased its stake in shares of Northern Oil and Gas by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company's stock worth $39,349,000 after buying an additional 73,256 shares during the period. Atria Investments Inc increased its stake in shares of Northern Oil and Gas by 5.5% in the fourth quarter. Atria Investments Inc now owns 22,720 shares of the company's stock worth $844,000 after buying an additional 1,176 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Northern Oil and Gas in the fourth quarter worth $909,000. Arizona State Retirement System boosted its holdings in Northern Oil and Gas by 5.5% in the fourth quarter. Arizona State Retirement System now owns 27,617 shares of the company's stock valued at $1,026,000 after acquiring an additional 1,428 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Northern Oil and Gas in the fourth quarter valued at $21,691,000. 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.