Northern Oil and Gas (NYSE:NOG) Price Target Cut to $50.00 by Analysts at Citigroup

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

Several other equities analysts have also commented on the company. Bank of America lowered Northern Oil and Gas from a buy rating to an underperform rating and set a $39.00 price target on the stock. in a research note on Friday, January 5th. Royal Bank of Canada reiterated an outperform rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Jefferies Financial Group lifted their price objective on Northern Oil and Gas from $45.00 to $51.00 and gave the company a buy rating in a research note on Thursday, March 21st. Piper Sandler boosted their target price on shares of Northern Oil and Gas from $38.00 to $42.00 and gave the company a neutral rating in a research note on Friday, April 19th. Finally, StockNews.com raised Northern Oil and Gas from a sell rating to a hold rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of Moderate Buy and a consensus target price of $47.90.

Northern Oil and Gas Price Performance

NOG stock traded up $0.28 during midday trading on Friday, hitting $40.25. The company’s stock had a trading volume of 1,098,395 shares, compared to its average volume of 1,445,874. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The company has a 50 day moving average of $39.61 and a two-hundred day moving average of $37.36. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.75. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of 6.52 and a beta of 1.84.

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

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Thursday, June 27th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is currently 25.93%.

Insider Activity

In other news, insider James B. Evans sold 945 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the sale, the insider now owns 83,872 shares of the company’s stock, valued at $3,187,136. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the sale, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James B. Evans sold 945 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the sale, the insider now directly owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,944 shares of company stock valued at $436,614. 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 modified their holdings of NOG. SG Americas Securities LLC acquired a new stake in shares of Northern Oil and Gas during the 3rd quarter valued at $387,000. Commonwealth Equity Services LLC bought a new position in Northern Oil and Gas during the third quarter worth about $209,000. Cambridge Investment Research Advisors Inc. boosted its stake in Northern Oil and Gas by 3.1% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 11,197 shares of the company’s stock valued at $450,000 after buying an additional 332 shares in the last quarter. Raymond James & Associates grew its holdings 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 worth $24,466,000 after purchasing an additional 33,855 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Northern Oil and Gas by 11.0% during the third quarter. Bank of New York Mellon Corp now owns 1,211,729 shares of the company’s stock worth $48,748,000 after buying an additional 119,998 shares in the last quarter. 98.80% of the stock is currently 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.