Citigroup Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective reduced by 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 target price would suggest a potential upside of 31.76% from the stock’s current price.

NOG has been the topic of a number of other research reports. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research note on Wednesday, May 20th. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday, June 29th. Weiss Ratings downgraded Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Royal Bank Of Canada upped their price objective on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $28.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $30.62.

Northern Oil and Gas Stock Performance

Shares of NOG traded up $0.06 during trading hours on Monday, reaching $21.25. 1,487,605 shares of the company’s stock traded hands, compared to its average volume of 2,755,535. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The business’s fifty day simple moving average is $20.89 and its two-hundred day simple moving average is $24.14. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -3.33 and a beta of 0.69.

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

Insiders Place Their Bets

In related news, Director Bahram Akradi bought 25,760 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was bought at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently modified their holdings of NOG. Ascentis Independent Advisors acquired a new stake in Northern Oil and Gas during the first quarter valued at $33,000. Jones Financial Companies Lllp increased its position in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after purchasing an additional 713 shares during the last quarter. Global Retirement Partners LLC increased its position in Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Northern Oil and Gas during the 4th quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Northern Oil and Gas by 429.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.