Northern Oil and Gas (NYSE:NOG) Downgraded to Sector Perform Rating by Royal Bank of Canada

Northern Oil and Gas (NYSE:NOG) was downgraded by investment analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report released on Wednesday, Marketbeat reports. They currently have a $45.00 price target on the stock, up from their previous price target of $43.00. Royal Bank of Canada’s price target indicates a potential upside of 9.54% from the stock’s current price.

NOG has been the topic of several other reports. Piper Sandler increased their target price on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday. Morgan Stanley lowered 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 research report on Monday, September 16th. Mizuho initiated coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price target for the company. Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective for the company. Finally, Truist Financial raised their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Trading Down 0.4 %

NOG opened at $41.08 on Wednesday. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The firm has a market capitalization of $4.10 billion, a PE ratio of 4.93 and a beta of 1.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company’s 50-day moving average is $37.64 and its 200 day moving average is $38.50.

Northern Oil and Gas (NYSE:NOG) last posted 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. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. During the same quarter in the prior year, the business earned $1.73 earnings per share. The firm’s revenue for the quarter was up 140.0% on a year-over-year basis. As a group, research analysts predict that Northern Oil and Gas will post 5.38 earnings per share for the current fiscal year.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the sale, the president now directly owns 107,876 shares in the company, valued at $4,153,226. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Erik J. Romslo sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total transaction 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. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,508 shares of company stock valued at $248,113. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Several large investors have recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in Northern Oil and Gas by 1.4% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after purchasing an additional 320 shares during the last quarter. Easterly Investment Partners LLC raised its stake in Northern Oil and Gas by 0.8% during the 3rd quarter. Easterly Investment Partners LLC now owns 50,601 shares of the company’s stock valued at $1,792,000 after purchasing an additional 380 shares during the last quarter. Signaturefd LLC boosted its holdings in Northern Oil and Gas by 100.5% in the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after purchasing an additional 427 shares during the period. CWM LLC grew its position in Northern Oil and Gas by 24.8% in the 3rd quarter. CWM LLC now owns 2,237 shares of the company’s stock worth $79,000 after purchasing an additional 444 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the period. 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.