Northern Oil and Gas (NYSE:NOG) Price Target Raised to $27.00

Northern Oil and Gas (NYSE:NOG) had its target price increased by Piper Sandler from $25.00 to $27.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential downside of 6.41% from the company’s previous close.

A number of other research analysts also recently issued reports on NOG. Morgan Stanley set a $24.00 target price on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Friday, January 23rd. Royal Bank Of Canada cut their price objective on Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Mizuho set a $29.00 price target on Northern Oil and Gas in a research note on Wednesday, January 21st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus target price of $29.57.

Northern Oil and Gas Trading Up 1.7%

Shares of NOG traded up $0.47 during trading hours on Thursday, hitting $28.85. 721,807 shares of the stock were exchanged, compared to its average volume of 2,106,803. The firm has a market capitalization of $2.81 billion, a P/E ratio of 87.42 and a beta of 0.96. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $32.62. The business has a 50-day moving average of $24.25 and a 200-day moving average of $23.77.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $610.18 million during the quarter, compared to the consensus estimate of $524.98 million. During the same period last year, the business posted $1.11 EPS. The business’s revenue was up 18.5% compared to the same quarter last year. On average, research analysts expect that Northern Oil and Gas will post 5.18 EPS for the current year.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sankala Group LLC acquired a new stake in shares of Northern Oil and Gas during the 4th quarter worth about $88,000. State of Tennessee Department of Treasury increased its holdings in shares of Northern Oil and Gas by 21.3% in the 4th quarter. State of Tennessee Department of Treasury now owns 29,316 shares of the company’s stock valued at $629,000 after acquiring an additional 5,156 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Northern Oil and Gas in the 4th quarter worth $4,792,000. Virtus Investment Advisers LLC increased its holdings in Northern Oil and Gas by 8.4% during the 4th quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock valued at $159,000 after acquiring an additional 572 shares in the last quarter. Finally, SummitTX Capital L.P. increased its position in Northern Oil and Gas by 33.8% during the 4th quarter. SummitTX Capital L.P. now owns 108,905 shares of the company’s stock worth $2,338,000 after purchasing an additional 27,502 shares in the last quarter. Hedge funds and other institutional investors 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.