Northern Oil and Gas (NYSE:NOG) PT Lowered to $39.00

Northern Oil and Gas (NYSE:NOG) had its target price cut by Morgan Stanley from $42.00 to $39.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts also recently issued reports about the company. Bank of America raised their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. StockNews.com cut shares of Northern Oil and Gas from a hold rating to a sell rating in a research note on Thursday, August 1st. Truist Financial raised their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a buy rating in a report on Thursday, August 1st. Royal Bank of Canada reaffirmed an outperform rating and set a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Finally, Piper Sandler dropped their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating on the stock in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Northern Oil and Gas presently has an average rating of Moderate Buy and a consensus target price of $47.70.

Northern Oil and Gas Price Performance

NYSE NOG opened at $37.25 on Monday. Northern Oil and Gas has a one year low of $31.13 and a one year high of $43.80. The stock has a 50-day moving average of $38.42 and a 200 day moving average of $39.08. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 6.04 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.49 earnings per share. On average, sell-side analysts forecast that Northern Oil and Gas will post 5.41 EPS for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio is presently 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Adam A. Dirlam sold 1,392 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after acquiring an additional 528 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Northern Oil and Gas during the fourth quarter valued at approximately $42,000. TFO Wealth Partners LLC raised its stake in Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after buying an additional 1,121 shares in the last quarter. Quarry LP lifted its holdings in Northern Oil and Gas by 338.8% during the second quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after buying an additional 874 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in Northern Oil and Gas by 74.7% during the 4th quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock valued at $81,000 after acquiring an additional 930 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.