Northern Oil and Gas (NYSE:NOG) Given New $33.00 Price Target at Mizuho

Northern Oil and Gas (NYSE:NOG) had its price objective cut by analysts at Mizuho from $35.00 to $33.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Mizuho’s price target points to a potential upside of 13.99% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Citigroup cut their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Truist Financial lifted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Bank of America decreased their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Piper Sandler cut their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Finally, Capital One Financial cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $41.75.

Northern Oil and Gas Stock Up 2.7%

NOG stock traded up $0.75 during mid-day trading on Tuesday, reaching $28.95. The company had a trading volume of 291,361 shares, compared to its average volume of 1,511,930. The firm has a fifty day simple moving average of $26.24 and a 200 day simple moving average of $33.93. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 5.63 and a beta of 1.47. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.12 by $0.21. The company had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The firm’s revenue was up 51.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share. Analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its board has initiated a stock buyback program on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. This trade represents a 2.47% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Nicholas L. O’grady acquired 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the purchase, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This trade represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOG. Vanguard Group Inc. lifted its position in shares of Northern Oil and Gas by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock valued at $418,916,000 after acquiring an additional 166,501 shares during the period. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after purchasing an additional 243,531 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Northern Oil and Gas by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company’s stock valued at $122,507,000 after purchasing an additional 68,631 shares during the last quarter. Copeland Capital Management LLC increased its position in shares of Northern Oil and Gas by 0.9% in the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock valued at $78,590,000 after buying an additional 18,195 shares in the last quarter. Finally, Channing Capital Management LLC raised its stake in shares of Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after buying an additional 373,917 shares during 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.