Morgan Stanley Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective lowered by Morgan Stanley from $43.00 to $38.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 23.62% from the company’s previous close.

NOG has been the topic of several other reports. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Monday, December 16th. Royal Bank of Canada cut their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Truist Financial lifted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Finally, Piper Sandler lowered their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $46.33.

Northern Oil and Gas Stock Down 0.7 %

NOG stock traded down $0.21 during mid-day trading on Thursday, hitting $30.74. The stock had a trading volume of 595,725 shares, compared to its average volume of 1,644,259. Northern Oil and Gas has a 1-year low of $26.59 and a 1-year high of $44.31. The company has a fifty day moving average of $33.70 and a 200 day moving average of $36.89. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 5.98 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The firm had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, equities analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady acquired 1,000 shares of the stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the purchase, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bahram Akradi bought 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the transaction, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. This trade represents a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC grew its stake in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after buying an additional 259 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in shares of Northern Oil and Gas by 9.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock worth $129,000 after purchasing an additional 289 shares during the last quarter. Avantax Advisory Services Inc. increased its position in Northern Oil and Gas by 2.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock valued at $487,000 after acquiring an additional 298 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in shares of Northern Oil and Gas by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company’s stock worth $386,000 after acquiring an additional 329 shares during the last quarter. Finally, Legato Capital Management LLC raised its position in Northern Oil and Gas by 5.8% in the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock worth $237,000 after purchasing an additional 349 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.