Mizuho Downgrades Northern Oil and Gas (NYSE:NOG) to Neutral

Northern Oil and Gas (NYSE:NOG) was downgraded by investment analysts at Mizuho from an “outperform” rating to a “neutral” rating in a research note issued to investors on Monday, MarketBeat.com reports. They presently have a $47.00 target price on the stock. Mizuho’s price target indicates a potential upside of 15.45% from the stock’s previous close.

A number of other research analysts also recently weighed in on NOG. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective on the stock. Truist Financial increased their price objective on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler upped their target price on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Royal Bank of Canada cut shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $43.00 to $45.00 in a research note on Wednesday, November 20th. Finally, Morgan Stanley cut their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.60.

Northern Oil and Gas Stock Down 1.2 %

NOG stock opened at $40.71 on Monday. The stock has a market capitalization of $4.06 billion, a P/E ratio of 4.89 and a beta of 1.85. 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 has a 1-year low of $31.13 and a 1-year high of $44.31. The business has a fifty day moving average price of $39.92 and a 200-day moving average price of $38.76.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The business 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%. Northern Oil and Gas’s revenue was up 140.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 EPS. Equities analysts forecast that Northern Oil and Gas will post 5.4 earnings per share for the current fiscal year.

Insider Activity

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief financial officer now owns 83,792 shares of the company’s stock, valued at $3,351,680. This represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction dated 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 owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,508 shares of company stock worth $248,113 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in Northern Oil and Gas by 45.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares during the last quarter. American Century Companies Inc. increased its position in shares of Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after purchasing an additional 552,645 shares during the last quarter. abrdn plc purchased a new stake in Northern Oil and Gas during the 3rd quarter valued at $17,096,000. Bridgewater Associates LP raised its holdings in Northern Oil and Gas by 135.6% during the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares during the period. Finally, New York State Common Retirement Fund lifted its position in Northern Oil and Gas by 41.4% in the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after buying an additional 275,704 shares during the last quarter. 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.