Northern Oil and Gas (NYSE:NOG) Price Target Lowered to $39.00 at Morgan Stanley

Northern Oil and Gas (NYSE:NOG) had its target price lowered by Morgan Stanley from $42.00 to $39.00 in a report released on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

NOG has been the topic of several other reports. Bank of America increased their target price on Northern Oil and Gas from $48.00 to $49.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Piper Sandler reduced their target price on Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating on the stock in a report on Thursday, August 15th. StockNews.com lowered Northern Oil and Gas from a hold rating to a sell rating in a report on Thursday, August 1st. Royal Bank of Canada reissued an outperform rating and set a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Finally, Truist Financial increased their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a buy rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $47.78.

Northern Oil and Gas Stock Up 1.3 %

NOG stock opened at $34.89 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 5.65 and a beta of 1.81. The business’s fifty day moving average price is $38.54 and its two-hundred day moving average price is $39.12. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.26. The firm had revenue of $560.80 million for the quarter, compared to analysts’ expectations of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the business earned $1.49 EPS. On average, equities analysts anticipate that Northern Oil and Gas will post 5.41 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a $0.42 dividend. The ex-dividend date is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 4.82%. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

Insider Activity at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.88, for a total transaction of $52,728.96. Following the sale, the president now directly owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by insiders.

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in the company. Westfield Capital Management Co. LP raised its position in shares of Northern Oil and Gas by 9.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,537,719 shares of the company’s stock worth $57,003,000 after acquiring an additional 131,448 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Northern Oil and Gas by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock worth $421,857,000 after acquiring an additional 43,940 shares during the last quarter. UniSuper Management Pty Ltd bought a new position in shares of Northern Oil and Gas during the first quarter worth about $1,046,000. Motley Fool Asset Management LLC raised its position in shares of Northern Oil and Gas by 29.0% during the first quarter. Motley Fool Asset Management LLC now owns 72,533 shares of the company’s stock worth $2,878,000 after acquiring an additional 16,302 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC raised its position in shares of Northern Oil and Gas by 1.7% during the first quarter. Silvercrest Asset Management Group LLC now owns 749,668 shares of the company’s stock worth $29,747,000 after acquiring an additional 12,814 shares during the last quarter. 98.80% of the stock is 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.