Citigroup Trims Northern Oil and Gas (NYSE:NOG) Target Price to $50.00

Northern Oil and Gas (NYSE:NOG) had its price objective trimmed by Citigroup from $55.00 to $50.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

NOG has been the topic of a number of other research reports. Piper Sandler increased their target price on Northern Oil and Gas from $38.00 to $42.00 and gave the company a neutral rating in a report on Friday, April 19th. Truist Financial raised their target price on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Jefferies Financial Group increased their price target on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a buy rating in a research note on Thursday, March 21st. Stifel Nicolaus lifted their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the company a buy rating in a research report on Tuesday, April 23rd. Finally, Bank of America downgraded Northern Oil and Gas from a buy rating to an underperform rating and set a $39.00 target price on the stock. in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $47.90.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock traded up $0.34 during trading hours on Friday, hitting $40.59. The stock had a trading volume of 1,176,202 shares, compared to its average volume of 1,284,432. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.75. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 6.58 and a beta of 1.84. The stock’s fifty day moving average is $39.61 and its two-hundred day moving average is $37.31. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The firm had revenue of $396.35 million during the quarter, compared to the consensus estimate of $505.67 million. During the same period last year, the firm posted $1.76 EPS. The firm’s revenue for the quarter was down 31.9% on a year-over-year basis. As a group, analysts predict that Northern Oil and Gas will post 5.46 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.60 annualized dividend and a yield of 3.94%. Northern Oil and Gas’s payout ratio is 25.93%.

Insiders Place Their Bets

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Northern Oil and Gas news, insider James B. Evans sold 945 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now owns 83,872 shares in the company, valued at approximately $3,187,136. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total transaction of $153,675.00. Following the sale, the chief executive officer now owns 228,082 shares in the company, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock worth $436,614 over the last ninety days. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in Northern Oil and Gas in the 3rd quarter valued at about $387,000. Commonwealth Equity Services LLC acquired a new stake in Northern Oil and Gas during the 3rd quarter valued at approximately $209,000. Cambridge Investment Research Advisors Inc. increased its holdings in Northern Oil and Gas by 3.1% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 11,197 shares of the company’s stock worth $450,000 after purchasing an additional 332 shares during the last quarter. Raymond James & Associates raised its position in shares of Northern Oil and Gas by 5.9% in the 3rd quarter. Raymond James & Associates now owns 608,145 shares of the company’s stock valued at $24,466,000 after purchasing an additional 33,855 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Northern Oil and Gas by 11.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,211,729 shares of the company’s stock valued at $48,748,000 after buying an additional 119,998 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.