Northern Oil and Gas (NYSE:NOG) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada cut shares of Northern Oil and Gas (NYSE:NOG) from an outperform rating to a sector perform rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have $45.00 price objective on the stock, up from their previous price objective of $43.00.

A number of other brokerages also recently weighed in on NOG. Jefferies Financial Group assumed coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. StockNews.com cut Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Piper Sandler boosted their price objective on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Truist Financial boosted their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Mizuho started coverage on Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $43.21 on Wednesday. The business’s 50 day moving average price is $38.10 and its two-hundred day moving average price is $38.55. The company has a market cap of $4.31 billion, a PE ratio of 5.19 and a beta of 1.80. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business’s revenue was up 140.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.73 earnings per share. On average, analysts predict that Northern Oil and Gas will post 5.42 EPS for the current year.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Chad W. Allen sold 1,500 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 83,792 shares of the company’s stock, valued at $3,351,680. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,508 shares of company stock worth $248,113. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOG. Vanguard Group Inc. lifted its stake in Northern Oil and Gas by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock worth $421,857,000 after purchasing an additional 43,940 shares during the last quarter. Seven Eight Capital LP acquired a new position in shares of Northern Oil and Gas during the first quarter worth $276,000. UniSuper Management Pty Ltd acquired a new position in shares of Northern Oil and Gas during the first quarter worth $1,046,000. CANADA LIFE ASSURANCE Co increased its holdings in shares of Northern Oil and Gas by 2.5% during the first quarter. CANADA LIFE ASSURANCE Co now owns 76,259 shares of the company’s stock worth $3,025,000 after buying an additional 1,867 shares in the last quarter. Finally, Hood River Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 7.3% during the first quarter. Hood River Capital Management LLC now owns 835,223 shares of the company’s stock worth $33,142,000 after buying an additional 56,485 shares in the last quarter. 98.80% of the stock is currently 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.