Piper Sandler Issues Positive Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price target raised by Piper Sandler from $40.00 to $41.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently commented on NOG. Mizuho assumed coverage on shares of Northern Oil and Gas in a research report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 target price for the company. Morgan Stanley decreased their price objective on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price target for the company. Finally, Truist Financial raised their price objective on shares of 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Northern Oil and Gas has an average rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG opened at $42.32 on Monday. The stock has a market capitalization of $4.22 billion, a P/E ratio of 5.08 and a beta of 1.80. The firm’s 50-day moving average price is $38.10 and its two-hundred day moving average price is $38.55. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.80. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period last year, the company 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, sell-side analysts forecast that Northern Oil and Gas will post 5.42 earnings per share for the current year.

Insider Activity

In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of the business’s 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 sale, the insider now owns 105,713 shares in the company, valued at approximately $3,727,440.38. The trade was a 1.40 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the completion of the transaction, the president now owns 107,876 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 6,508 shares of company stock worth $248,113. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in Northern Oil and Gas by 4.6% during 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 period. Public Employees Retirement System of Ohio raised its holdings in shares of Northern Oil and Gas by 21.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 100,140 shares of the company’s stock valued at $3,546,000 after purchasing an additional 17,383 shares in the last quarter. Hodges Capital Management Inc. raised its holdings in shares of Northern Oil and Gas by 4.9% during the 3rd quarter. Hodges Capital Management Inc. now owns 44,580 shares of the company’s stock valued at $1,579,000 after purchasing an additional 2,100 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in Northern Oil and Gas in the third quarter worth $25,000. Finally, Stifel Financial Corp increased its position in Northern Oil and Gas by 7.6% during the third quarter. Stifel Financial Corp now owns 87,254 shares of the company’s stock worth $3,090,000 after buying an additional 6,168 shares during the last quarter. Institutional investors and hedge funds 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.