William Blair Initiates Coverage on Northern Oil and Gas (NYSE:NOG)

Key Points

• William Blair has initiated coverage on Northern Oil and Gas (NYSE:NOG) with an "outperform" rating, signaling positive expectations for the stock.
• Several other research firms have also recently adjusted their ratings and target prices for NOG, with Citigroup increasing its target price to $38.00 and maintaining a "buy" rating.
• Northern Oil and Gas reported $1.37 EPS for the last quarter, significantly beating analysts' estimates, alongside a revenue exceeding $706.81 million.

Equities researchers at William Blair initiated coverage on shares of Northern Oil and Gas (NYSE:NOG - Get Free Report) in a report issued on Monday,Benzinga reports. The firm set an "outperform" rating on the stock.

A number of other research firms have also recently issued reports on NOG. Citigroup raised their target price on Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Piper Sandler reaffirmed a "neutral" rating and issued a $25.00 price objective (down previously from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Royal Bank Of Canada cut their target price on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Monday, July 14th. Finally, Morgan Stanley lowered shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and cut their price target for the company from $29.00 to $27.00 in a report on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.89.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $25.0640 on Monday. The company has a market cap of $2.45 billion, a PE ratio of 4.14 and a beta of 1.55. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The firm has a 50-day simple moving average of $27.76 and a 200 day simple moving average of $28.08. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.50. The company had revenue of $706.81 million during the quarter, compared to the consensus estimate of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.Northern Oil and Gas's quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.46 earnings per share. On average, sell-side analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current year.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue raised its position in Northern Oil and Gas by 25.3% in the 1st quarter. State of Alaska Department of Revenue now owns 97,025 shares of the company's stock worth $2,932,000 after purchasing an additional 19,586 shares during the last quarter. American Century Companies Inc. raised its position in shares of Northern Oil and Gas by 6.4% during the first quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock worth $210,201,000 after acquiring an additional 415,781 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Northern Oil and Gas by 2.6% during the first quarter. Principal Financial Group Inc. now owns 494,508 shares of the company's stock valued at $14,949,000 after acquiring an additional 12,711 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Northern Oil and Gas by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,141,754 shares of the company's stock valued at $34,515,000 after acquiring an additional 82,855 shares during the last quarter. Finally, New York State Common Retirement Fund increased its position in Northern Oil and Gas by 1.9% in the first quarter. New York State Common Retirement Fund now owns 1,092,152 shares of the company's stock worth $33,016,000 after purchasing an additional 20,186 shares during the period. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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.

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