Citigroup Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $36.00

Northern Oil and Gas (NYSE:NOG) had its price objective lowered by Citigroup from $39.00 to $36.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada decreased their price objective on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 20th. Bank of America upped their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Piper Sandler raised their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Morgan Stanley restated an “underweight” rating on shares of Northern Oil and Gas in a research report on Friday, March 27th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $31.29.

Northern Oil and Gas Trading Down 0.4%

Shares of NOG opened at $25.77 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 78.08 and a beta of 0.94. The stock has a fifty day moving average price of $27.65 and a two-hundred day moving average price of $24.36. Northern Oil and Gas has a 52-week low of $20.18 and a 52-week high of $32.62.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Wednesday, February 25th. The company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.71 by $0.12. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The company had revenue of $610.18 million for the quarter, compared to analysts’ expectations of $524.98 million. During the same quarter in the prior year, the business earned $1.11 earnings per share. The business’s revenue for the quarter was up 18.5% on a year-over-year basis. Analysts predict that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, March 30th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s payout ratio is currently 545.45%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Deprince Race & Zollo Inc. bought a new position in Northern Oil and Gas in the fourth quarter valued at approximately $25,492,000. Tributary Capital Management LLC raised its position in shares of Northern Oil and Gas by 146.3% during the 3rd quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock valued at $32,544,000 after acquiring an additional 779,492 shares during the last quarter. Bridgeway Capital Management LLC acquired a new position in shares of Northern Oil and Gas in the 3rd quarter valued at $11,295,000. SG Americas Securities LLC lifted its stake in shares of Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock valued at $9,056,000 after purchasing an additional 351,490 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Northern Oil and Gas by 5.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock worth $122,563,000 after purchasing an additional 235,869 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

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.