Northern Oil and Gas (NYSE:NOG) Shares Up 4.1% Following Analyst Upgrade

Key Points

• Northern Oil and Gas shares rose 4.1% after Citigroup raised its price target from $28 to $32 and maintained a buy rating.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus price target of $31.22, with recent target increases from Mizuho, Raymond James and Morgan Stanley.
• Institutional investors own 98.8% of the company, while Northern Oil and Gas announced a quarterly dividend of $0.45 per share, representing a 6.7% annualized yield.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) shares were up 4.1% during trading on Friday after Citigroup raised their price target on the stock from $28.00 to $32.00. Citigroup currently has a buy rating on the stock. Northern Oil and Gas traded as high as $26.64 and last traded at $26.8110. Approximately 328,319 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 2,588,075 shares. The stock had previously closed at $25.75.

Several other research firms also recently issued reports on NOG. Mizuho increased their target price on Northern Oil and Gas from $29.00 to $30.00 and gave the stock a "neutral" rating in a research report on Wednesday. Scotiabank began coverage on Northern Oil and Gas in a research report on Wednesday. They issued a "sector perform" rating and a $27.00 price target for the company. Raymond James Financial reiterated an "outperform" rating and set a $31.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research note on Thursday, September 10th. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Morgan Stanley restated an "underweight" rating and issued a $26.00 target price (up from $25.00) on shares of Northern Oil and Gas in a research note on Thursday. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $31.22.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of NOG. The Manufacturers Life Insurance Company bought a new stake in shares of Northern Oil and Gas during the 2nd quarter worth $917,000. Bank of America Corp DE grew its position in Northern Oil and Gas by 18.5% in the first quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock worth $36,410,000 after acquiring an additional 194,861 shares in the last quarter. First Trust Advisors LP increased its stake in Northern Oil and Gas by 116.8% in the first quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock valued at $34,140,000 after acquiring an additional 629,197 shares during the last quarter. Hsbc Holdings PLC bought a new position in Northern Oil and Gas in the first quarter valued at $8,115,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Northern Oil and Gas in the first quarter valued at $3,192,000. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Up 4.1%

The stock has a 50-day simple moving average of $25.07 and a two-hundred day simple moving average of $23.53. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The firm has a market cap of $2.86 billion, a PE ratio of -5.18 and a beta of 0.90.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. During the same period last year, the firm earned $1.37 EPS. The company's revenue for the quarter was up 5.4% on a year-over-year basis. Analysts expect that Northern Oil and Gas, Inc. will post 3.71 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 6.7%. Northern Oil and Gas's payout ratio is presently -34.75%.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests in wells, allowing it to participate in hydrocarbon development without serving as the principal operator.

Northern Oil and Gas has built a diversified portfolio across several major U.S. oil and natural gas regions, including the Williston Basin, the Permian Basin and the Appalachian Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.