Northern Oil and Gas’ (NOG) “Outperform” Rating Reiterated at Royal Bank of Canada

Northern Oil and Gas (NYSE:NOG – Get Rating)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $46.00 price objective on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 74.37% from the stock’s current price.

Several other research analysts have also recently weighed in on NOG. Citigroup lifted their price target on Northern Oil and Gas from $36.00 to $46.00 in a research report on Friday, November 25th. Truist Financial reduced their price target on Northern Oil and Gas from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, February 7th. StockNews.com cut Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Friday, March 10th. Raymond James reduced their price target on Northern Oil and Gas from $55.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Tuesday, February 7th. Finally, Piper Sandler cut their price objective on Northern Oil and Gas from $55.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, March 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $45.11.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $26.38 on Friday. The company has a debt-to-equity ratio of 2.05, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $2.25 billion, a PE ratio of 3.21, a P/E/G ratio of 1.17 and a beta of 2.04. The business has a 50-day simple moving average of $31.83 and a two-hundred day simple moving average of $32.24. Northern Oil and Gas has a fifty-two week low of $21.45 and a fifty-two week high of $39.10.

Northern Oil and Gas (NYSE:NOG – Get Rating) last released its earnings results on Friday, February 24th. The company reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.22). The company had revenue of $445.65 million during the quarter, compared to analysts’ expectations of $408.08 million. During the same period last year, the business earned $1.06 earnings per share. The firm’s revenue for the quarter was up 34.1% on a year-over-year basis. As a group, equities analysts expect that Northern Oil and Gas will post 8.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Northern Oil and Gas by 28.3% during the second quarter. FMR LLC now owns 5,809,993 shares of the company’s stock worth $146,761,000 after buying an additional 1,282,999 shares during the last quarter. Angelo Gordon & CO. L.P. boosted its stake in Northern Oil and Gas by 400.6% during the fourth quarter. Angelo Gordon & CO. L.P. now owns 5,113,784 shares of the company’s stock worth $157,607,000 after buying an additional 4,092,342 shares during the last quarter. BlackRock Inc. boosted its stake in Northern Oil and Gas by 7.9% during the first quarter. BlackRock Inc. now owns 4,438,695 shares of the company’s stock worth $125,127,000 after buying an additional 326,123 shares during the last quarter. Vanguard Group Inc. boosted its stake in Northern Oil and Gas by 0.5% during the third quarter. Vanguard Group Inc. now owns 3,743,683 shares of the company’s stock worth $102,615,000 after buying an additional 20,217 shares during the last quarter. Finally, State Street Corp boosted its stake in Northern Oil and Gas by 3.7% during the second quarter. State Street Corp now owns 3,423,896 shares of the company’s stock worth $87,138,000 after buying an additional 122,883 shares during the last quarter. Institutional investors and hedge funds own 96.41% of the company’s stock.

Northern Oil and Gas Company Profile

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Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.