Royal Bank of Canada Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by research analysts at Royal Bank of Canada from $45.00 to $40.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 18.20% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. Truist Financial raised their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Piper Sandler reduced their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Finally, Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $47.00.

Northern Oil and Gas Price Performance

Shares of NOG stock traded down $1.28 during trading hours on Thursday, hitting $33.84. 689,777 shares of the company’s stock were exchanged, compared to its average volume of 1,316,262. Northern Oil and Gas has a 12-month low of $32.35 and a 12-month high of $44.31. The company has a market capitalization of $3.38 billion, a PE ratio of 4.06 and a beta of 1.81. The business’s 50 day simple moving average is $38.31 and its 200-day simple moving average is $38.52. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84.

Insider Transactions at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the firm’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 transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Avior Wealth Management LLC boosted its stake in shares of Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after acquiring an additional 259 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Northern Oil and Gas by 9.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock valued at $129,000 after purchasing an additional 289 shares in the last quarter. Avantax Advisory Services Inc. grew its holdings in Northern Oil and Gas by 2.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock valued at $487,000 after purchasing an additional 298 shares during the period. Legato Capital Management LLC increased its position in Northern Oil and Gas by 5.8% in the fourth quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock worth $237,000 after buying an additional 349 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in shares of Northern Oil and Gas by 1.5% in the third quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 23,201 shares of the company’s stock worth $822,000 after buying an additional 350 shares during the period. Hedge funds and other institutional investors 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.