Northern Oil and Gas (NYSE:NOG) Stock Gets Price Target Cut from Citigroup

Northern Oil and Gas (NYSE:NOG) had its price objective reduced by Citigroup from $32.00 to $30.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently weighed in on NOG. Scotiabank assumed coverage on Northern Oil and Gas in a research report on Wednesday, October 14th. They set a “sector perform” rating and a $27.00 target price for the company. Weiss Ratings raised shares of Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 30th. Wall Street Zen raised shares of Northern Oil and Gas from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 7th. Zacks Research upgraded Northern Oil and Gas from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 9th. Finally, Morgan Stanley restated an “underweight” rating and set a $26.00 price target (up from $25.00) on shares of Northern Oil and Gas in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Hold” and an average target price of $31.33.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $25.13 on Wednesday. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.80 and a current ratio of 0.59. The stock has a market cap of $2.66 billion, a P/E ratio of -5.12 and a beta of 0.85. The stock’s fifty day moving average is $25.26 and its 200 day moving average is $24.56.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Thursday, November 5th. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.23. Northern Oil and Gas had a positive return on equity of 21.81% and a negative net margin of 27.47%. The firm had revenue of $345.91 million during the quarter, compared to analysts’ expectations of $617.68 million. During the same quarter last year, the business posted $1.03 earnings per share. The firm’s revenue was up 45.2% on a year-over-year basis. Sell-side analysts anticipate that Northern Oil and Gas will post 4.02 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 29th. Shareholders of record on Wednesday, December 30th will be paid a $0.45 dividend. The ex-dividend date is Wednesday, December 30th. This represents a $1.80 dividend on an annualized basis and a yield of 7.2%. Northern Oil and Gas’s payout ratio is currently -36.66%.

Institutional Trading of Northern Oil and Gas

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Northern Oil and Gas during the second quarter worth $26,769,000. First Trust Advisors LP increased its stake in shares of Northern Oil and Gas by 6.2% during the 3rd quarter. First Trust Advisors LP now owns 1,329,176 shares of the company’s stock valued at $30,412,000 after acquiring an additional 77,603 shares during the last quarter. Bank of America Corp DE raised its stake in Northern Oil and Gas by 18.5% during the first quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock worth $36,410,000 after purchasing an additional 194,861 shares during the period. Public Sector Pension Investment Board boosted its holdings in Northern Oil and Gas by 87.0% in the third quarter. Public Sector Pension Investment Board now owns 671,841 shares of the company’s stock valued at $15,372,000 after acquiring an additional 312,627 shares during the last quarter. Finally, Requisite Capital Management LLC acquired a new stake in Northern Oil and Gas during the 2nd quarter worth approximately $10,519,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc. is an independent energy company that acquires interests in oil and natural gas properties across the United States. It primarily holds non-operated working interests, partnering with other companies that manage drilling and production activities. The company’s portfolio spans several major U.S. producing regions, including the Williston, Permian, Appalachian and Uinta basins. Its interests include properties producing crude oil, natural gas and natural gas liquids. Founded in 2006, Northern Oil and Gas initially focused on the Williston Basin.