Northern Oil and Gas (NYSE:NOG) Price Target Cut to $39.00

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by investment analysts at Morgan Stanley from $42.00 to $39.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 12.78% from the company’s current price.

Several other research analysts have also weighed in on NOG. Bank of America upped their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Truist Financial boosted their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Piper Sandler cut their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus price target of $47.78.

Northern Oil and Gas Stock Performance

NOG traded up $0.14 during trading on Monday, hitting $34.58. 554,345 shares of the stock were exchanged, compared to its average volume of 1,325,535. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.80. The stock has a fifty day moving average price of $38.62 and a two-hundred day moving average price of $39.13. The firm has a market capitalization of $3.49 billion, a P/E ratio of 5.60 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The firm had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. During the same quarter in the prior year, the business earned $1.49 EPS. Northern Oil and Gas’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, sell-side analysts predict that Northern Oil and Gas will post 5.41 earnings per share for the current year.

Insider Buying and Selling

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a filing with the SEC, which is available at this link. In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the transaction, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now directly owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NOG. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in shares of Northern Oil and Gas by 1.4% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after buying an additional 320 shares during the last quarter. GAMMA Investing LLC increased its holdings in Northern Oil and Gas by 91.5% in the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after buying an additional 528 shares during the last quarter. Arizona State Retirement System raised its stake in Northern Oil and Gas by 2.2% during the second quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after buying an additional 555 shares in the last quarter. Insight Wealth Strategies LLC lifted its holdings in Northern Oil and Gas by 2.7% during the 2nd quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock worth $1,011,000 after buying an additional 717 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its position in shares of Northern Oil and Gas by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock worth $1,710,000 after acquiring an additional 800 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.