Piper Sandler Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its target price cut by research analysts at Piper Sandler from $41.00 to $37.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price points to a potential downside of 3.47% from the stock’s current price.

NOG has been the topic of a number of other reports. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a report on Monday. Jefferies Financial Group started coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Royal Bank of Canada lowered Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $43.00 to $45.00 in a research note on Wednesday, November 20th. Truist Financial lifted their price objective on Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley lowered their target price on 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 research analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.20.

Northern Oil and Gas Stock Performance

Shares of NOG stock traded down $0.94 during trading hours on Tuesday, reaching $38.33. 402,891 shares of the company traded hands, compared to its average volume of 1,299,443. The firm has a 50-day moving average price of $39.90 and a 200 day moving average price of $38.75. The company has a market cap of $3.83 billion, a P/E ratio of 4.60 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 12-month low of $31.13 and a 12-month high of $44.31.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.20. The business had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company’s revenue for the quarter was up 140.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 earnings per share. As a group, sell-side analysts predict 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, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction that occurred on 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. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,508 shares of company stock valued at $248,113. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas in the 3rd quarter worth approximately $25,000. Signaturefd LLC raised its stake in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after buying an additional 427 shares in the last quarter. Quarry LP lifted its holdings 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. GAMMA Investing LLC boosted its position in Northern Oil and Gas by 58.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,752 shares of the company’s stock valued at $62,000 after acquiring an additional 647 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after acquiring an additional 1,048 shares during the period. Institutional investors own 98.80% of the company’s stock.

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.