Citigroup Forecasts Strong Price Appreciation for Northern Oil and Gas (NYSE:NOG) Stock

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price objective raised by analysts at Citigroup from $34.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price objective indicates a potential upside of 23.57% from the company's previous close.

NOG has been the topic of a number of other reports. Bank of America raised their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Morgan Stanley decreased 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. Royal Bank Of Canada decreased their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating on the stock in a report on Monday, April 14th. Piper Sandler decreased 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, Raymond James Financial reissued a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $38.89.

Northern Oil and Gas Stock Performance

Shares of NOG traded up $0.03 during trading hours on Wednesday, hitting $30.75. The company had a trading volume of 101,414 shares, compared to its average volume of 1,592,615. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 4.79 and a beta of 1.50. The business has a fifty day moving average of $28.60 and a 200-day moving average of $30.82. Northern Oil and Gas has a 12 month low of $19.88 and a 12 month high of $44.31. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly 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. Northern Oil and Gas had a net margin of 26.64% and a return on equity of 23.46%. The business had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. During the same period last year, the firm earned $1.28 earnings per share. Northern Oil and Gas's revenue for the quarter was up 51.9% compared to the same quarter last year. Equities analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB boosted its position in Northern Oil and Gas by 133.3% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 954 shares of the company's stock worth $27,000 after buying an additional 545 shares during the period. Pinnacle Holdings LLC acquired a new stake in Northern Oil and Gas during the 1st quarter worth approximately $28,000. Headlands Technologies LLC acquired a new position in shares of Northern Oil and Gas in the 4th quarter worth approximately $29,000. Signaturefd LLC lifted its position in shares of Northern Oil and Gas by 60.0% in the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock worth $33,000 after purchasing an additional 405 shares during the period. Finally, Jones Financial Companies Lllp lifted its position in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock worth $33,000 after purchasing an additional 713 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.