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

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

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

Northern Oil and Gas Stock Performance

NOG stock opened at $40.71 on Monday. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of 4.89 and a beta of 1.85. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $44.31. 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’s fifty day simple moving average is $39.92 and its two-hundred day simple moving average is $38.76.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 33.44% and a return on equity of 27.52%. The firm’s revenue for the quarter was up 140.0% on a year-over-year basis. During the same quarter last year, the business posted $1.73 EPS. Analysts predict that Northern Oil and Gas will post 5.4 earnings per share for the current year.

Insider Transactions at Northern Oil and Gas

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 value 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 approximately $3,351,680. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares of the company’s stock, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,508 shares of company stock valued at $248,113 in the last quarter. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in shares of Northern Oil and Gas by 11.0% in the second 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 period. Dimensional Fund Advisors LP boosted its position in Northern Oil and Gas by 45.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after buying an additional 789,985 shares during the last quarter. Geode Capital Management LLC boosted its position in Northern Oil and Gas by 4.6% in the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock valued at $80,884,000 after buying an additional 100,761 shares during the last quarter. Copeland Capital Management LLC increased its holdings in Northern Oil and Gas by 0.6% in the 3rd quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock worth $74,245,000 after buying an additional 12,079 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Northern Oil and Gas by 4.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,044 shares of the company’s stock worth $45,349,000 after buying an additional 49,632 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.