Bank of America Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price target decreased by equities research analysts at Bank of America from $48.00 to $41.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 38.35% from the company’s current price.

A number of other brokerages have also recently issued reports on NOG. Morgan Stanley reduced their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Citigroup reduced their price target on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Royal Bank of Canada decreased their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. 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. Finally, Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $45.44.

Northern Oil and Gas Stock Down 2.0 %

Shares of NOG traded down $0.60 during midday trading on Tuesday, hitting $29.64. The stock had a trading volume of 207,596 shares, compared to its average volume of 1,417,631. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas has a twelve month low of $26.60 and a twelve month high of $44.31. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 5.78 and a beta of 1.84. The company has a 50 day simple moving average of $33.00 and a two-hundred day simple moving average of $36.83.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The company had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its board has authorized 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 usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bahram Akradi purchased 40,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average price 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 approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently modified their holdings of the business. Legacy Investment Solutions LLC bought a new stake in Northern Oil and Gas in the 3rd quarter valued at about $25,000. Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $29,000. Blue Trust Inc. lifted its stake in shares of Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after buying an additional 801 shares in the last quarter. Avior Wealth Management LLC grew its stake in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after buying an additional 259 shares in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in Northern Oil and Gas during the 4th quarter valued at $66,000. 98.80% of the stock is owned by institutional investors.

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.