Northern Oil and Gas, Inc. (NYSE:NOG) Receives $47.50 Consensus Target Price from Analysts

Northern Oil and Gas, Inc. (NYSE:NOG) has been given a consensus rating of “Moderate Buy” by the eleven brokerages that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $47.50.

Several brokerages have issued reports on NOG. Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $43.00 to $45.00 in a research note on Wednesday, November 20th. Piper Sandler lifted their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Mizuho assumed coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They set an “outperform” rating and a $47.00 price target for the company. Truist Financial lifted their price target on shares of 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. Finally, StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st.

Insiders Place Their Bets

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the transaction, the president now owns 107,876 shares in the company, valued at approximately $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. Insiders have sold a total of 6,508 shares of company stock worth $248,113 in the last ninety days. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new position in Northern Oil and Gas during the third quarter worth about $25,000. Signaturefd LLC grew its position in Northern Oil and Gas by 100.5% during the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after buying an additional 427 shares during the period. GAMMA Investing LLC grew its position in Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after buying an additional 528 shares during the period. Quarry LP grew its position 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, Covestor Ltd grew its position in Northern Oil and Gas by 122.6% during the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after buying an additional 1,048 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Up 2.0 %

Shares of Northern Oil and Gas stock opened at $43.20 on Monday. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 5.19 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 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 has a 50-day moving average price of $38.28 and a 200-day moving average price of $38.54.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm’s revenue was up 140.0% on a year-over-year basis. During the same quarter last year, the business posted $1.73 earnings per share. Equities research analysts anticipate that Northern Oil and Gas will post 5.42 EPS for the current fiscal year.

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.