Northern Oil and Gas (NYSE:NOG) Price Target Cut to $35.00 by Analysts at Piper Sandler

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by stock analysts at Piper Sandler from $37.00 to $35.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 5.88% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Jefferies Financial Group assumed coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Truist Financial lifted their target price 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. Mizuho cut 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 note on Monday, December 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Northern Oil and Gas in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.56.

Northern Oil and Gas Stock Down 1.6 %

Shares of NYSE NOG opened at $37.19 on Wednesday. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $44.31. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 4.46 and a beta of 1.85. 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 stock’s 50-day simple moving average is $39.73 and its 200-day simple moving average is $38.82.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period in the previous year, the company earned $1.73 earnings per share. The company’s revenue for the quarter was up 140.0% compared to the same quarter last year. As a group, equities analysts anticipate that Northern Oil and Gas will post 5.34 earnings per share for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 1,836 shares of company stock valued at $72,869. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently made changes to their positions in NOG. Geode Capital Management LLC grew its holdings in Northern Oil and Gas by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after buying an additional 100,761 shares in the last quarter. Copeland Capital Management LLC grew its holdings in Northern Oil and Gas by 0.9% in the 4th quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after buying an additional 18,195 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Northern Oil and Gas by 1.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,381,285 shares of the company’s stock worth $52,102,000 after buying an additional 21,754 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Northern Oil and Gas by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock worth $34,902,000 after buying an additional 103,314 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in Northern Oil and Gas by 41.4% in the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after buying an additional 275,704 shares in the last quarter. 98.80% of the stock is owned by institutional investors.

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.