Citigroup Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $28.00

Northern Oil and Gas (NYSE:NOG) had its price objective trimmed by Citigroup from $32.00 to $28.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages also recently issued reports on NOG. Royal Bank Of Canada dropped their target price on shares of Northern Oil and Gas from $34.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Monday, July 14th. Mizuho lowered their price objective on Northern Oil and Gas from $32.00 to $28.00 and set a “neutral” rating on the stock in a research report on Monday, September 15th. Morgan Stanley reiterated an “underweight” rating and set a $26.00 target price (down from $27.00) on shares of Northern Oil and Gas in a research note on Tuesday, October 14th. William Blair assumed coverage on Northern Oil and Gas in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas presently has an average rating of “Hold” and a consensus target price of $33.00.

Northern Oil and Gas Stock Up 0.2%

NOG stock opened at $21.44 on Monday. The business has a 50 day moving average of $24.68 and a 200 day moving average of $26.27. The firm has a market cap of $2.09 billion, a PE ratio of 3.54 and a beta of 1.61. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $44.31. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Monday, March 6th. The company reported $1.06 earnings per share for the quarter. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The firm had revenue of $319.19 million during the quarter. On average, research analysts forecast 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 announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 8.4%. Northern Oil and Gas’s dividend payout ratio is currently 29.70%.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pinnacle Holdings LLC purchased a new position in shares of Northern Oil and Gas in the first quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB increased its holdings in Northern Oil and Gas by 133.3% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 954 shares of the company’s stock valued at $27,000 after buying an additional 545 shares during the last quarter. UMB Bank n.a. raised its position in Northern Oil and Gas by 200.3% in the second quarter. UMB Bank n.a. now owns 955 shares of the company’s stock worth $27,000 after acquiring an additional 637 shares during the period. Laurel Wealth Advisors LLC boosted its stake in shares of Northern Oil and Gas by 2,736.1% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company’s stock worth $29,000 after acquiring an additional 985 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock valued at $33,000 after acquiring an additional 405 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

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.