Northern Oil and Gas (NYSE:NOG) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Northern Oil and Gas to “buy” from “hold,” though the broader analyst consensus remains “hold,” with four buy, four hold and two sell ratings and an average price target of $30.62.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, exceeding expectations, but earnings per share of $1.13 fell short of the $1.18 consensus estimate; revenue increased 5.4% year over year.
• The stock opened at $24.49, with a $2.61 billion market capitalization and a 12-month trading range of $17.18 to $31.17. Institutional investors own approximately 98.8% of the company, while a director recently purchased nearly $500,000 worth of shares.

Northern Oil and Gas (NYSE:NOG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other brokerages have also recently weighed in on NOG. Citigroup lowered their price target on shares of Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Mizuho raised shares of Northern Oil and Gas to a "hold" rating in a report on Friday, July 31st. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday. Raymond James Financial restated an "outperform" rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Finally, Johnson Rice cut Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price on the stock. in a research report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $30.62.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock opened at $24.49 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.53 and a debt-to-equity ratio of 1.37. The stock's fifty day moving average price is $20.38 and its 200-day moving average price is $24.09. The firm has a market cap of $2.61 billion, a P/E ratio of -4.73 and a beta of 0.70. Northern Oil and Gas has a 12 month low of $17.18 and a 12 month high of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The business had revenue of $745.24 million during the quarter, compared to analysts' expectations of $594.09 million. During the same period last year, the company earned $1.37 earnings per share. The firm's revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts expect that Northern Oil and Gas will post 3.53 earnings per share for the current fiscal year.

Insider Transactions at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi purchased 25,760 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares in the company, valued at $33,240,813.60. This represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Northern Oil and Gas in the 2nd quarter valued at approximately $29,000. Allworth Financial LP purchased a new stake in Northern Oil and Gas during the 2nd quarter worth approximately $31,000. Ascentis Independent Advisors purchased a new stake in Northern Oil and Gas during the 1st quarter worth approximately $33,000. Jones Financial Companies Lllp grew its position in Northern Oil and Gas by 181.0% during 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 last quarter. Finally, Global Retirement Partners LLC increased its stake in Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock valued at $36,000 after purchasing an additional 1,432 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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