Mizuho Lowers Northern Oil and Gas (NYSE:NOG) Price Target to $29.00

Northern Oil and Gas (NYSE:NOG) had its price target dropped by investment analysts at Mizuho from $31.00 to $29.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s price objective indicates a potential upside of 42.42% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Johnson Rice cut shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a research note on Wednesday, May 20th. Bank of America upped their target price on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Weiss Ratings cut Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Citigroup decreased their target price on Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Wall Street Zen cut shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.88.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $20.36 on Tuesday. The company has a market cap of $2.21 billion, a P/E ratio of -3.20 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The business’s 50 day moving average price is $21.22 and its 200-day moving average price is $24.17. Northern Oil and Gas has a fifty-two week low of $17.18 and a fifty-two week high of $31.17.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The company had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.Northern Oil and Gas’s revenue was down 6.2% on a year-over-year basis. During the same period last year, the company earned $1.33 earnings per share. Sell-side analysts predict that Northern Oil and Gas will post 3.25 earnings per share for the current year.

Insider Activity

In other news, Director Bahram Akradi purchased 25,760 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This represents a 1.53% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp lifted its holdings in Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after buying an additional 713 shares during the period. Ascentis Independent Advisors purchased a new position in Northern Oil and Gas in the first quarter valued at about $33,000. EverSource Wealth Advisors LLC raised its holdings in Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Northern Oil and Gas by 85.7% during the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock valued at $44,000 after buying an additional 702 shares during the last quarter. Finally, Global Retirement Partners LLC boosted its holdings in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after buying an additional 1,432 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

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.