Truist Financial Trims Northern Oil and Gas (NYSE:NOG) Target Price to $44.00

Northern Oil and Gas (NYSE:NOG) had its price objective cut by Truist Financial from $55.00 to $44.00 in a research report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

NOG has been the topic of a number of other reports. Mizuho started coverage on Northern Oil and Gas in a research note on Thursday, September 19th. They set an outperform rating and a $47.00 price objective on the stock. StockNews.com downgraded shares of Northern Oil and Gas from a hold rating to a sell rating in a report on Thursday, August 1st. Bank of America raised their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Piper Sandler decreased their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating on the stock in a report on Thursday, August 15th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. One investment 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. Based on data from MarketBeat, Northern Oil and Gas has a consensus rating of Moderate Buy and a consensus target price of $46.60.

Northern Oil and Gas Price Performance

NOG opened at $36.88 on Monday. The firm has a 50-day moving average price of $37.67 and a 200-day moving average price of $39.08. 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 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 5.98 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last released 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 business 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%. Northern Oil and Gas’s revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.49 EPS. Equities analysts expect that Northern Oil and Gas will post 5.29 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 4.56%. The ex-dividend date of this dividend is Friday, September 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Insiders Place Their Bets

In other news, insider Erik J. Romslo sold 1,500 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the transaction, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Erik J. Romslo sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction 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 completion of the transaction, the chief executive officer now owns 224,332 shares in the company, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Northern Oil and Gas by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after purchasing an additional 43,940 shares during the last quarter. UniSuper Management Pty Ltd purchased a new stake in Northern Oil and Gas during the 1st quarter valued at $1,046,000. Motley Fool Asset Management LLC grew its holdings in Northern Oil and Gas by 29.0% in the 1st quarter. Motley Fool Asset Management LLC now owns 72,533 shares of the company’s stock worth $2,878,000 after acquiring an additional 16,302 shares during the last quarter. Silvercrest Asset Management Group LLC increased its position in shares of Northern Oil and Gas by 1.7% in the first quarter. Silvercrest Asset Management Group LLC now owns 749,668 shares of the company’s stock valued at $29,747,000 after acquiring an additional 12,814 shares during the period. Finally, Capstone Investment Advisors LLC raised its stake in shares of Northern Oil and Gas by 8,679.3% during the first quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock valued at $20,355,000 after acquiring an additional 507,129 shares during the last quarter. 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.