Northern Oil and Gas (NYSE:NOG) Price Target Cut to $33.00 by Analysts at Mizuho

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by stock analysts at Mizuho from $35.00 to $33.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price target indicates a potential upside of 13.99% from the stock’s previous close.

Several other research firms have also recently commented on NOG. Royal Bank of Canada lowered their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Bank of America dropped their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. Citigroup lowered their price target on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Truist Financial increased their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.75.

Northern Oil and Gas Price Performance

Shares of NOG traded up $0.75 during trading hours on Tuesday, reaching $28.95. 291,361 shares of the company traded hands, compared to its average volume of 1,511,930. The stock has a market capitalization of $2.86 billion, a PE ratio of 5.63 and a beta of 1.47. The stock has a fifty day simple moving average of $26.24 and a 200 day simple moving average of $33.93. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.21. The company had revenue of $602.10 million for the quarter, compared to analysts’ expectations of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The firm’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period last year, the company earned $1.28 EPS. As a group, research analysts predict that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its board has authorized a share buyback program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady acquired 1,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the acquisition, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at $6,215,673.72. This trade represents a 0.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bahram Akradi bought 40,000 shares of Northern Oil and Gas stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the purchase, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. The trade was a 2.47% increase in their position. The disclosure for this purchase can be found here. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Northern Oil and Gas by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock worth $418,916,000 after purchasing an additional 166,501 shares during the last quarter. American Century Companies Inc. increased its holdings in Northern Oil and Gas by 3.9% in the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after buying an additional 243,531 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Northern Oil and Gas by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company’s stock valued at $122,507,000 after buying an additional 68,631 shares in the last quarter. Copeland Capital Management LLC lifted its holdings in Northern Oil and Gas by 0.9% during the 4th quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after buying an additional 18,195 shares during the last quarter. Finally, Channing Capital Management LLC lifted its holdings in Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after buying an additional 373,917 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.