Royal Bank Of Canada Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price reduced by research analysts at Royal Bank Of Canada from $34.00 to $33.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 17.79% from the company’s current price.

A number of other research firms also recently issued reports on NOG. Raymond James Financial reiterated a “strong-buy” rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Bank of America boosted their target price on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Citigroup upped their price objective on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. Mizuho lowered their price objective on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. Finally, Piper Sandler lowered their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Hold” and an average target price of $38.78.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $28.02 on Monday. Northern Oil and Gas has a 52-week low of $19.88 and a 52-week high of $44.31. The stock has a market cap of $2.77 billion, a PE ratio of 4.36 and a beta of 1.50. The firm has a 50-day moving average of $28.99 and a 200-day moving average of $30.61. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.92.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.21. The firm 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 26.64% and a return on equity of 23.46%. The company’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. On average, sell-side analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current year.

Institutional Trading of Northern Oil and Gas

Several institutional investors and hedge funds have recently bought and sold shares of NOG. Nuveen LLC purchased a new stake in Northern Oil and Gas in the 1st quarter worth approximately $36,288,000. Dimensional Fund Advisors LP raised its position in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company’s stock valued at $129,939,000 after buying an additional 1,001,493 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Northern Oil and Gas during the 4th quarter valued at $21,691,000. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Northern Oil and Gas during the 1st quarter valued at $14,137,000. Finally, American Century Companies Inc. raised its position in shares of Northern Oil and Gas by 6.4% during the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company’s stock valued at $210,201,000 after buying an additional 415,781 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other 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.