Northern Oil and Gas (NYSE:NOG) Stock Rating Upgraded by Zacks Research

Northern Oil and Gas (NYSE:NOG) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday, Zacks reports.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 30th. Morgan Stanley restated an “underweight” rating and issued a $26.00 price objective (up from $25.00) on shares of Northern Oil and Gas in a report on Thursday, October 15th. Raymond James Financial reiterated an “outperform” rating and set a $34.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, October 28th. Wall Street Zen upgraded shares of Northern Oil and Gas from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Mizuho lifted their price target on Northern Oil and Gas from $29.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus target price of $31.56.

Northern Oil and Gas Price Performance

NOG stock opened at $23.40 on Monday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.59 and a quick ratio of 0.80. The firm has a market capitalization of $2.48 billion, a P/E ratio of -4.77 and a beta of 0.85. The business’s 50-day moving average is $25.35 and its two-hundred day moving average is $24.54. Northern Oil and Gas has a 1 year low of $17.18 and a 1 year high of $31.17.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Thursday, November 5th. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.23. Northern Oil and Gas had a positive return on equity of 21.81% and a negative net margin of 27.47%. The business had revenue of $345.91 million during the quarter, compared to the consensus estimate of $617.68 million. During the same period in the previous year, the company posted $1.03 earnings per share. The business’s revenue for the quarter was up 45.2% on a year-over-year basis. Analysts anticipate that Northern Oil and Gas will post 3.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds have recently modified their holdings of NOG. Private Advisor Group LLC purchased a new position in Northern Oil and Gas in the 3rd quarter valued at $406,000. Meeder Asset Management Inc. purchased a new position in Northern Oil and Gas during the 3rd quarter worth $91,000. Stelac Advisory Services LLC purchased a new position in Northern Oil and Gas during the 3rd quarter worth $136,000. Public Sector Pension Investment Board raised its position in Northern Oil and Gas by 87.0% during the 3rd quarter. Public Sector Pension Investment Board now owns 671,841 shares of the company’s stock worth $15,372,000 after buying an additional 312,627 shares during the last quarter. Finally, Cibc World Market Inc. acquired a new stake in shares of Northern Oil and Gas in the 3rd quarter worth $204,000. 98.80% of the stock is owned by institutional investors and hedge funds.

About Northern Oil and Gas

Northern Oil and Gas, Inc. is an independent energy company that acquires interests in oil and natural gas properties across the United States. It primarily holds non-operated working interests, partnering with other companies that manage drilling and production activities. The company’s portfolio spans several major U.S. producing regions, including the Williston, Permian, Appalachian and Uinta basins. Its interests include properties producing crude oil, natural gas and natural gas liquids. Founded in 2006, Northern Oil and Gas initially focused on the Williston Basin.