Northern Oil and Gas (NYSE:NOG) Stock Price Expected to Rise, Citigroup Analyst Says

Key Points

• Citigroup raised its target price on Northern Oil and Gas from $34 to $39 and kept a "buy" rating, implying about a 33.6% upside from the current share price.
• Analyst sentiment is mixed with a MarketBeat consensus of "Hold" and an average target of $31.71, as individual ratings range from Strong Buy to Sell.
• Northern Oil and Gas reported quarterly results above expectations — $0.83 EPS vs. $0.71 estimate and $610.18M revenue (up 18.5% year‑over‑year) — supporting recent positive analyst revisions.

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its target price upped by analysts at Citigroup from $34.00 to $39.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 33.58% from the stock's current price.

Several other equities research analysts have also issued reports on NOG. Royal Bank Of Canada reduced their target price on shares of Northern Oil and Gas from $33.00 to $30.00 and set a "sector perform" rating for the company in a report on Tuesday, January 20th. Bank of America increased their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Piper Sandler lifted their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a "neutral" rating in a research note on Thursday, March 12th. Morgan Stanley set a $24.00 target price on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a report on Friday, January 23rd. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $31.71.

Northern Oil and Gas Stock Performance

NOG traded down $0.71 during trading on Tuesday, hitting $29.20. The company's stock had a trading volume of 1,999,489 shares, compared to its average volume of 2,507,600. Northern Oil and Gas has a one year low of $19.88 and a one year high of $32.62. The business's 50 day simple moving average is $26.73 and its 200-day simple moving average is $24.20. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13. The firm has a market cap of $2.84 billion, a PE ratio of 88.47 and a beta of 0.96.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.12. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The company had revenue of $610.18 million for the quarter, compared to analysts' expectations of $524.98 million. During the same period last year, the firm earned $1.11 EPS. Northern Oil and Gas's revenue for the quarter was up 18.5% compared to the same quarter last year. As a group, sell-side analysts predict that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOG. Vanguard Group Inc. raised its holdings in shares of Northern Oil and Gas by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company's stock worth $233,453,000 after acquiring an additional 141,499 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Northern Oil and Gas by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company's stock worth $122,563,000 after purchasing an additional 235,869 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Northern Oil and Gas by 9.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,899,017 shares of the company's stock valued at $47,096,000 after purchasing an additional 158,713 shares in the last quarter. Channing Capital Management LLC raised its stake in Northern Oil and Gas by 15.7% during the third quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company's stock valued at $42,214,000 after purchasing an additional 230,899 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Northern Oil and Gas by 7.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,450,294 shares of the company's stock valued at $31,138,000 after purchasing an additional 105,876 shares during the last quarter. 98.80% of the stock is owned by institutional investors.

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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