Northern Oil and Gas (NYSE:NOG) Price Target Lowered to $35.00 at Piper Sandler

Northern Oil and Gas (NYSE:NOG) had its target price dropped by analysts at Piper Sandler from $37.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential downside of 4.84% from the stock’s current price.

A number of other equities research analysts have also weighed in on NOG. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a report on Monday, December 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 price target on shares of Northern Oil and Gas in a research note on Friday, January 10th. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Finally, Truist Financial raised their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $47.56.

Northern Oil and Gas Price Performance

Shares of NOG opened at $36.78 on Wednesday. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $44.31. The firm’s fifty day simple moving average is $39.88 and its 200-day simple moving average is $38.85. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 4.42 and a beta of 1.85. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The business had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period last year, the business earned $1.73 EPS. The company’s revenue was up 140.0% on a year-over-year basis. Equities analysts forecast that Northern Oil and Gas will post 5.34 EPS for the current fiscal year.

Insider Activity at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares of the company’s stock, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 1,836 shares of company stock worth $72,869 over the last 90 days. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors have recently modified their holdings of the company. Entropy Technologies LP raised its position in shares of Northern Oil and Gas by 68.5% in the fourth quarter. Entropy Technologies LP now owns 18,868 shares of the company’s stock valued at $701,000 after buying an additional 7,668 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Northern Oil and Gas by 36.1% in the fourth quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock valued at $2,877,000 after purchasing an additional 20,550 shares during the period. Jennison Associates LLC grew its holdings in Northern Oil and Gas by 0.7% in the fourth quarter. Jennison Associates LLC now owns 524,545 shares of the company’s stock valued at $19,492,000 after purchasing an additional 3,430 shares during the period. Copeland Capital Management LLC grew its holdings in Northern Oil and Gas by 0.9% in the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock valued at $78,590,000 after purchasing an additional 18,195 shares during the period. Finally, Abel Hall LLC purchased a new stake in Northern Oil and Gas in the fourth quarter valued at approximately $206,000. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.