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

Northern Oil and Gas (NYSE:NOG) had its price objective reduced by Morgan Stanley from $39.00 to $38.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential downside of 4.06% from the stock’s previous close.

A number of other brokerages have also weighed in on NOG. Jefferies Financial Group increased their target price on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Citigroup lowered their target price on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, February 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Piper Sandler reduced their price target on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Finally, Johnson Rice downgraded Northern Oil and Gas from a “buy” rating to an “accumulate” rating in a research report on Thursday, December 14th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.40.

Northern Oil and Gas Stock Up 1.5 %

NOG traded up $0.59 on Thursday, hitting $39.61. 485,598 shares of the company were exchanged, compared to its average volume of 1,224,770. 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 stock’s fifty day moving average is $35.24 and its 200-day moving average is $37.00. The company has a market cap of $4.00 billion, a PE ratio of 3.95 and a beta of 1.85. Northern Oil and Gas has a 12 month low of $29.18 and a 12 month high of $43.64.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Friday, February 23rd. The company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.03). The business had revenue of $543.40 million during the quarter, compared to the consensus estimate of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. Northern Oil and Gas’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. Equities research analysts predict that Northern Oil and Gas will post 5.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $35.63, for a total transaction of $133,612.50. Following the completion of the transaction, the chief executive officer now directly owns 220,825 shares of the company’s stock, valued at approximately $7,867,994.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $35.63, for a total value of $133,612.50. Following the completion of the transaction, the chief executive officer now directly owns 220,825 shares of the company’s stock, valued at approximately $7,867,994.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider James B. Evans sold 945 shares of Northern Oil and Gas stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The disclosure for this sale can be found here. Insiders sold a total of 7,794 shares of company stock valued at $284,252 in the last three months. Insiders own 3.20% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Several large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in Northern Oil and Gas by 137.7% during the 1st quarter. BlackRock Inc. now owns 10,915,028 shares of the company’s stock valued at $331,271,000 after purchasing an additional 6,322,462 shares during the last quarter. Vanguard Group Inc. boosted its stake in Northern Oil and Gas by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after purchasing an additional 2,827,642 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Northern Oil and Gas by 1,356.2% during the 2nd quarter. Alliancebernstein L.P. now owns 979,729 shares of the company’s stock valued at $33,624,000 after purchasing an additional 912,449 shares during the last quarter. State Street Corp boosted its stake in Northern Oil and Gas by 29.0% during the 1st quarter. State Street Corp now owns 3,301,013 shares of the company’s stock valued at $93,518,000 after purchasing an additional 742,371 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Northern Oil and Gas by 19.0% during the 3rd quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after purchasing an additional 605,197 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.