Northern Oil and Gas (NYSE:NOG) Price Target Cut to $38.00

Northern Oil and Gas (NYSE:NOG) had its price objective lowered by research analysts at Morgan Stanley from $39.00 to $38.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 4.23% from the stock’s current price.

A number of other equities analysts also recently issued reports on NOG. Raymond James reduced their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Bank of America downgraded Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price on the stock. in a research report on Friday, January 5th. Johnson Rice downgraded Northern Oil and Gas from a “buy” rating to an “accumulate” rating in a research report on Thursday, December 14th. Truist Financial cut their target price on Northern Oil and Gas from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Finally, Stifel Nicolaus cut their price target on Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, January 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $46.40.

Northern Oil and Gas Stock Up 1.7 %

Shares of NYSE NOG opened at $39.68 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 3.95 and a beta of 1.85. The stock has a 50 day moving average price of $35.48 and a 200 day moving average price of $37.01. Northern Oil and Gas has a 52-week low of $29.18 and a 52-week high of $43.64.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). The company had revenue of $543.40 million for the quarter, compared to analysts’ expectations of $555.31 million. Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 EPS. Sell-side analysts expect that Northern Oil and Gas will post 5.68 earnings per share for the current year.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction dated Tuesday, January 9th. The shares were sold at an average price of $35.63, for a total value of $133,612.50. Following the completion of the sale, the chief executive officer now owns 220,825 shares in the company, valued at approximately $7,867,994.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $35.63, for a total transaction of $133,612.50. Following the completion of the sale, the chief executive officer now owns 220,825 shares in the company, valued at approximately $7,867,994.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Adam A. Dirlam sold 2,088 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the completion of the sale, the president now owns 122,359 shares of the company’s stock, valued at approximately $4,649,642. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,794 shares of company stock valued at $284,252. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

Several institutional investors have recently added to or reduced their stakes in NOG. Bank of New York Mellon Corp boosted its position in Northern Oil and Gas by 7.2% in the 1st quarter. Bank of New York Mellon Corp now owns 434,031 shares of the company’s stock valued at $12,236,000 after buying an additional 29,141 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in Northern Oil and Gas in the first quarter valued at $200,000. Cetera Advisor Networks LLC increased its stake in Northern Oil and Gas by 40.4% in the first quarter. Cetera Advisor Networks LLC now owns 17,783 shares of the company’s stock valued at $501,000 after purchasing an additional 5,121 shares during the period. Private Advisor Group LLC acquired a new position in Northern Oil and Gas in the first quarter valued at $207,000. Finally, Citigroup Inc. increased its stake in shares of Northern Oil and Gas by 32.9% during the first quarter. Citigroup Inc. now owns 88,939 shares of the company’s stock worth $2,507,000 after acquiring an additional 22,033 shares during the period. 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.