Truist Financial Issues Positive Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price target increased by investment analysts at Truist Financial from $52.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 37.74% from the stock’s previous close.

Several other brokerages have also recently weighed in on NOG. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research note on Monday, December 16th. Morgan Stanley dropped their price target on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. Jefferies Financial Group initiated coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Northern Oil and Gas in a report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas has an average rating of “Moderate Buy” and a consensus price target of $47.50.

Northern Oil and Gas Stock Performance

NOG opened at $39.93 on Monday. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 4.79 and a beta of 1.85. The company’s fifty day moving average price is $39.79 and its two-hundred day moving average price is $38.68. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $44.31. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84.

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, beating the consensus estimate of $1.20 by $0.20. The business had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The firm’s revenue for the quarter was up 140.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.73 EPS. On average, analysts expect that Northern Oil and Gas will post 5.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by insiders.

Institutional Trading of Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the business. Choreo LLC purchased a new stake in Northern Oil and Gas during the second quarter valued at about $266,000. BOKF NA raised its holdings in shares of Northern Oil and Gas by 87.8% during the 2nd quarter. BOKF NA now owns 12,476 shares of the company’s stock valued at $464,000 after buying an additional 5,833 shares in the last quarter. Federated Hermes Inc. lifted its position in Northern Oil and Gas by 10.1% in the 2nd quarter. Federated Hermes Inc. now owns 111,744 shares of the company’s stock worth $4,154,000 after buying an additional 10,214 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 45.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares in the last quarter. Finally, Quantbot Technologies LP grew its position in Northern Oil and Gas by 27.8% during the second quarter. Quantbot Technologies LP now owns 82,340 shares of the company’s stock valued at $3,061,000 after acquiring an additional 17,909 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

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.