Northern Oil and Gas (NYSE:NOG) Price Target Lowered to $28.00 at Citigroup

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by equities researchers at Citigroup from $36.00 to $28.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 31.76% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Johnson Rice downgraded shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price for the company. in a research note on Wednesday, May 20th. Weiss Ratings downgraded shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Bank of America boosted 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 report on Tuesday, March 24th. Mizuho decreased their price objective on shares of Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating for the company in a research report on Tuesday, July 14th. Finally, Royal Bank Of Canada raised their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus target price of $30.62.

Northern Oil and Gas Stock Up 0.3%

Shares of NYSE:NOG traded up $0.06 during mid-day trading on Monday, hitting $21.25. 1,487,605 shares of the company traded hands, compared to its average volume of 2,755,535. The firm has a market cap of $2.31 billion, a P/E ratio of -3.33 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. Northern Oil and Gas has a 52-week low of $17.18 and a 52-week high of $31.17. The firm’s 50 day simple moving average is $20.89 and its 200 day simple moving average is $24.14.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm had revenue of $5.03 million during the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter in the prior year, the business earned $1.33 EPS. Northern Oil and Gas’s quarterly revenue was down 6.2% compared to the same quarter last year. On average, equities analysts anticipate that Northern Oil and Gas will post 3.48 EPS for the current year.

Insider Buying and Selling

In other news, Director Bahram Akradi acquired 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the acquisition, the director directly owned 1,713,444 shares in the company, valued at $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds have recently added to or reduced their stakes in NOG. Doliver Advisors LP grew its position in shares of Northern Oil and Gas by 6.1% during the 2nd quarter. Doliver Advisors LP now owns 37,346 shares of the company’s stock valued at $678,000 after buying an additional 2,155 shares during the last quarter. Byrne Asset Management LLC grew its stake in Northern Oil and Gas by 10,630.0% during the 2nd quarter. Byrne Asset Management LLC now owns 10,730 shares of the company’s stock worth $195,000 after buying an additional 10,630 shares during the last quarter. Epiq Partners LLC grew its stake in Northern Oil and Gas by 1.2% during the 2nd quarter. Epiq Partners LLC now owns 66,452 shares of the company’s stock worth $1,206,000 after buying an additional 764 shares during the last quarter. NewEdge Advisors LLC increased its position in Northern Oil and Gas by 1,621.9% in the first quarter. NewEdge Advisors LLC now owns 18,114 shares of the company’s stock worth $529,000 after buying an additional 17,062 shares during the period. Finally, Bank of America Corp DE increased 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 buying an additional 194,861 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 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.