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 target lowered by analysts at Royal Bank of Canada from $45.00 to $40.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 18.20% from the stock’s current price.

A number of other research firms have also weighed in on NOG. Truist Financial boosted 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 objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Finally, Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $47.00.

Northern Oil and Gas Trading Down 3.6 %

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

Insider Activity

In related news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its position in Northern Oil and Gas by 58.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,752 shares of the company’s stock valued at $62,000 after purchasing an additional 647 shares during the period. CWM LLC grew its holdings in shares of Northern Oil and Gas by 24.8% during the third quarter. CWM LLC now owns 2,237 shares of the company’s stock valued at $79,000 after buying an additional 444 shares during the last quarter. Creative Planning increased its position in shares of Northern Oil and Gas by 18.1% during the third quarter. Creative Planning now owns 27,994 shares of the company’s stock worth $991,000 after acquiring an additional 4,282 shares in the last quarter. NBC Securities Inc. increased its holdings in Northern Oil and Gas by 3.4% during the 3rd quarter. NBC Securities Inc. now owns 18,974 shares of the company’s stock worth $671,000 after purchasing an additional 625 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new position in Northern Oil and Gas during the 3rd quarter worth $484,000. 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.