Piper Sandler Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $35.00

Northern Oil and Gas (NYSE:NOG) had its target price reduced by Piper Sandler from $37.00 to $35.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts also recently weighed in on NOG. Truist Financial boosted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Jefferies Financial Group initiated 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 for the company. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Monday, December 16th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 price target on shares of Northern Oil and Gas in a research note on Friday, January 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus target price of $47.56.

Northern Oil and Gas Stock Performance

NOG opened at $35.93 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The business’s 50-day simple moving average is $39.62 and its 200 day simple moving average is $38.81. The firm has a market capitalization of $3.59 billion, a PE ratio of 4.31 and a beta of 1.85. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm’s revenue for the quarter was up 140.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 EPS. As a group, sell-side analysts expect that Northern Oil and Gas will post 5.32 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.01%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 20.17%.

Insider Buying and Selling

In other news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 1,836 shares of company stock valued at $72,869 over the last quarter. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOG. abrdn plc bought a new position in shares of Northern Oil and Gas in the 3rd quarter valued at $17,096,000. Bridgewater Associates LP raised its stake in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after acquiring an additional 294,223 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of 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 acquiring an additional 275,704 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Northern Oil and Gas by 58.6% in the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock valued at $18,453,000 after purchasing an additional 192,539 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock valued at $34,902,000 after purchasing an additional 103,314 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.