Northern Oil and Gas (NYSE:NOG) Price Target Raised to $41.00 at Piper Sandler

Northern Oil and Gas (NYSE:NOG) had its price target boosted by equities research analysts at Piper Sandler from $40.00 to $41.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 0.75% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Morgan Stanley lowered their price objective on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Mizuho began coverage on Northern Oil and Gas in a research note on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price objective on the stock. Jefferies Financial Group began coverage on Northern Oil and Gas in a research note on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Finally, Truist Financial upped their price target on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.60.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG traded up $0.81 during trading hours on Monday, reaching $41.31. The stock had a trading volume of 506,616 shares, compared to its average volume of 1,318,194. The company has a market cap of $4.12 billion, a price-to-earnings ratio of 4.96 and a beta of 1.80. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80. The business’s fifty day moving average is $37.51 and its two-hundred day moving average is $38.49. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The company had revenue of $753.64 million during 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 business’s revenue was up 140.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 EPS. As a group, research analysts expect that Northern Oil and Gas will post 5.38 EPS for the current year.

Insider Activity at Northern Oil and Gas

In related news, insider Erik J. Romslo sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the transaction, the insider now directly owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. This represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now directly owns 107,876 shares of the company’s stock, valued at $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,508 shares of company stock valued at $248,113. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in shares of Northern Oil and Gas in the third quarter valued at approximately $25,000. Signaturefd LLC lifted its position in shares of Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after buying an additional 427 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Northern Oil and Gas by 91.5% in the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after buying an additional 528 shares during the last quarter. Quarry LP lifted its position in shares of Northern Oil and Gas by 338.8% in the second quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after buying an additional 874 shares during the last quarter. Finally, Covestor Ltd lifted its position in shares of Northern Oil and Gas by 122.6% in the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after buying an additional 1,048 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.