Morgan Stanley Lowers Northern Oil and Gas (NYSE:NOG) Price Target 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 research note published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

NOG has been the topic of several other research reports. StockNews.com downgraded shares of Northern Oil and Gas from a hold rating to a sell rating in a report on Thursday, August 1st. Truist Financial increased 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 research note on Thursday, August 1st. Bank of America raised their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed an outperform rating and issued a $46.00 price target on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Finally, Piper Sandler decreased their price target on Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating for the company in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Northern Oil and Gas currently has an average rating of Moderate Buy and an average target price of $47.70.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $37.25 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company has a market cap of $3.76 billion, a PE ratio of 6.04 and a beta of 1.81. The business has a 50-day simple moving average of $38.42 and a two-hundred day simple moving average of $39.08.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million for 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 quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.49 earnings per share. As a group, equities analysts expect that Northern Oil and Gas will post 5.41 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.51%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is currently 27.23%.

Insider Buying and Selling

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’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 value of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares in the company, valued at $8,526,859.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now directly owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. 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 modified their holdings of NOG. Heritage Wealth Management Inc. purchased a new position in Northern Oil and Gas in the 2nd quarter valued at approximately $939,000. Quarry LP increased its holdings in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after purchasing an additional 874 shares during the period. Creative Planning raised its position in Northern Oil and Gas by 80.6% in the 2nd quarter. Creative Planning now owns 23,712 shares of the company’s stock valued at $881,000 after purchasing an additional 10,580 shares in the last quarter. Algert Global LLC acquired a new position in shares of Northern Oil and Gas during the second quarter worth about $340,000. Finally, Scientech Research LLC purchased a new stake in shares of Northern Oil and Gas during the second quarter worth approximately $254,000. 98.80% of the stock is owned by institutional investors and hedge funds.

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.