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

Northern Oil and Gas (NYSE:NOG) had its target price reduced by equities researchers at Morgan Stanley from $39.00 to $38.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential downside of 4.06% from the company’s current price.

NOG has been the topic of a number of other reports. Truist Financial lowered their price target on shares of Northern Oil and Gas from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Stifel Nicolaus lowered their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Johnson Rice cut shares of Northern Oil and Gas from a “buy” rating to an “accumulate” rating in a research note on Thursday, December 14th. Finally, Raymond James lowered their price objective on shares of Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.40.

Northern Oil and Gas Stock Performance

NOG stock traded up $0.59 on Thursday, hitting $39.61. The company’s stock had a trading volume of 485,598 shares, compared to its average volume of 1,224,770. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 3.95 and a beta of 1.85. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90. Northern Oil and Gas has a 1 year low of $29.18 and a 1 year high of $43.64. The firm has a 50 day moving average of $35.24 and a two-hundred day moving average of $37.00.

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

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas 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 transaction, the chief executive officer now directly owns 220,825 shares of the company’s stock, valued at $7,867,994.75. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, 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 sale, the president now owns 122,359 shares in the company, valued at $4,649,642. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas 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 sale, the chief executive officer now owns 220,825 shares in the company, valued at approximately $7,867,994.75. The disclosure for this sale can be found here. Insiders have sold a total of 7,794 shares of company stock valued at $284,252 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in the company. Captrust Financial Advisors boosted its holdings in shares of Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after acquiring an additional 1,066 shares during the period. Quarry LP acquired a new position in shares of Northern Oil and Gas during the second quarter valued at $31,000. Principal Securities Inc. acquired a new position in shares of Northern Oil and Gas during the fourth quarter valued at $42,000. TFO Wealth Partners LLC boosted its holdings in shares of Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after acquiring an additional 1,121 shares during the period. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of Northern Oil and Gas by 305.9% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after acquiring an additional 927 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.