Bank of America Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $41.00

Northern Oil and Gas (NYSE:NOG) had its target price reduced by stock analysts at Bank of America from $48.00 to $41.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 38.35% from the stock’s previous close.

A number of other analysts have also commented on the company. Royal Bank of Canada dropped their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Truist Financial boosted 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 note on Monday, January 13th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Finally, Citigroup dropped their price target on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $45.44.

Northern Oil and Gas Trading Down 2.0 %

NYSE:NOG traded down $0.60 during trading hours on Tuesday, reaching $29.64. The company’s stock had a trading volume of 207,596 shares, compared to its average volume of 1,417,631. The firm has a 50-day simple moving average of $33.00 and a 200-day simple moving average of $36.83. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. Northern Oil and Gas has a 1 year low of $26.60 and a 1 year high of $44.31. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 5.78 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The company had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Research analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its board has authorized a stock buyback program on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Nicholas L. O’grady bought 1,000 shares of Northern Oil and Gas stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC bought a new stake in shares of Northern Oil and Gas in the 3rd quarter valued at approximately $25,000. Headlands Technologies LLC purchased a new position in Northern Oil and Gas during the fourth quarter worth $29,000. Blue Trust Inc. increased its position in Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after acquiring an additional 801 shares during the last quarter. Avior Wealth Management LLC raised its stake in shares of Northern Oil and Gas by 23.3% in the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after acquiring an additional 259 shares during the period. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Northern Oil and Gas during the fourth quarter valued at approximately $66,000. 98.80% of the stock is owned by institutional investors.

Northern Oil and Gas Company Profile

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.