Market Analysts see Northern Oil and Gas Inc. [NOG] gaining to $34. Time to buy?

Northern Oil and Gas Inc. [NYSE: NOG] closed the trading session at $29.81 on 10/11/22. The day’s price range saw the stock hit a low of $28.73, while the highest price level was $30.89. The company report on October 11, 2022 that NOG Prices Upsized $435 Million Convertible Senior Notes Offering.


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Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the pricing of its offering of $435.0 million aggregate principal amount of 3.625% convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $350 million aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on October 14, 2022, subject to customary closing conditions. The Company also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $65.0 million principal amount of notes.

The Company intends to use a portion of the net proceeds of the offering to fund the cost of entering into the capped call transactions described below. In addition, the Company intends to use approximately $30 million of the net proceeds of this offering to repurchase shares of its common stock concurrently with the pricing of the offering in privately negotiated transactions effected through one of the initial purchasers of the notes or its affiliate, as the Company’s agent. The Company intends to use any remaining net proceeds from the offering for general corporate purposes (initially, the repayment of a portion of the outstanding debt under its revolving credit facility, and ultimately to fund the cash purchase price for recently announced acquisitions of non-operated properties in the Delaware Basin). If the initial purchasers exercise their option to purchase additional notes, the Company expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties (as defined below).

The stocks have a year to date performance of 44.85 percent and weekly performance of -4.91 percent. The stock has been moved at 7.54 percent over the last six months. The stock has performed -7.16 percent around the most recent 30 days and changed 28.99 percent over the most recent 3-months.

If compared to the average trading volume of 859.58K shares, NOG reached to a volume of 6478364 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Northern Oil and Gas Inc. [NOG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOG shares is $46.82 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOG stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

BofA Securities have made an estimate for Northern Oil and Gas Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 19, 2022. The new note on the price target was released on March 15, 2022, representing the official price target for Northern Oil and Gas Inc. stock. Previously, the target price had yet another raise to $34, while Wells Fargo analysts kept a Equal Weight rating on NOG stock. On March 08, 2022, analysts increased their price target for NOG shares from 33 to 38.

The Average True Range (ATR) for Northern Oil and Gas Inc. is set at 1.90, with the Price to Sales ratio for NOG stock in the period of the last 12 months amounting to 2.74. The Price to Book ratio for the last quarter was 15.13, with the Price to Cash per share for the same quarter was set at 0.02. Price to Free Cash Flow for NOG in the course of the last twelve months was 4.16 with Quick ratio for the last quarter at 0.60.

NOG stock trade performance evaluation

Northern Oil and Gas Inc. [NOG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.91. With this latest performance, NOG shares dropped by -7.16% in over the last four-week period, additionally plugging by 7.54% over the last 6 months – not to mention a rise of 12.62% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOG stock in for the last two-week period is set at 49.11, with the RSI for the last a single of trading hit 47.48, and the three-weeks RSI is set at 49.84 for Northern Oil and Gas Inc. [NOG]. The present Moving Average for the last 50 days of trading for this stock 29.95, while it was recorded at 32.05 for the last single week of trading, and 27.27 for the last 200 days.

Northern Oil and Gas Inc. [NOG]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Northern Oil and Gas Inc. [NOG] shares currently have an operating margin of +57.67 and a Gross Margin at +60.15. Northern Oil and Gas Inc.’s Net Margin is presently recorded at +0.65.

Northern Oil and Gas Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.60.

Earnings per share (EPS) analysis for Northern Oil and Gas Inc. [NOG] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Northern Oil and Gas Inc. go to 36.30%.

Northern Oil and Gas Inc. [NOG]: Insider Ownership positions

There are presently around $1,855 million, or 79.60% of NOG stock, in the hands of institutional investors. The top three institutional holders of NOG stocks are: CAPITAL WORLD INVESTORS with ownership of 6,054,000, which is approximately 0% of the company’s market cap and around 3.10% of the total institutional ownership; FMR LLC, holding 5,809,993 shares of the stock with an approximate value of $173.2 million in NOG stocks shares; and BLACKROCK INC., currently with $134.17 million in NOG stock with ownership of nearly 1.4% of the company’s market capitalization.

146 institutional holders increased their position in Northern Oil and Gas Inc. [NYSE:NOG] by around 10,328,481 shares. Additionally, 102 investors decreased positions by around 8,048,785 shares, while 22 investors held positions by with 43,861,173 shares. The mentioned changes placed institutional holdings at 62,238,439 shares, according to the latest SEC report filing. NOG stock had 47 new institutional investments in for a total of 4,013,958 shares, while 41 institutional investors sold positions of 4,129,411 shares during the same period.

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