Northern Oil and Gas (NYSE:NOG) Shares Gap Up on Earnings Beat

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $36.76, but opened at $41.18. Northern Oil and Gas shares last traded at $39.54, with a volume of 251,264 shares changing hands.

The company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. During the same quarter in the prior year, the business posted $1.73 EPS. The company’s revenue for the quarter was up 140.0% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NOG shares. Morgan Stanley reduced their target price 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. Truist Financial increased their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler cut their target price on shares of 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 cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Mizuho began coverage on shares of Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Insider Transactions at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the transaction, the insider now directly owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction dated Thursday, October 3rd. The shares were 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 $4,153,226. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,008 shares of company stock worth $228,013 over the last ninety days. 2.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of NOG. Pathstone Holdings LLC grew its stake in Northern Oil and Gas by 16.3% in the 3rd quarter. Pathstone Holdings LLC now owns 39,381 shares of the company’s stock valued at $1,396,000 after acquiring an additional 5,524 shares during the last quarter. Natixis Advisors LLC raised its holdings in Northern Oil and Gas by 10.0% in the 3rd quarter. Natixis Advisors LLC now owns 90,715 shares of the company’s stock valued at $3,212,000 after acquiring an additional 8,259 shares during the last quarter. Empowered Funds LLC lifted its position in Northern Oil and Gas by 7.1% during the third quarter. Empowered Funds LLC now owns 62,094 shares of the company’s stock worth $2,199,000 after buying an additional 4,104 shares during the period. Royce & Associates LP boosted its position in shares of Northern Oil and Gas by 2.2% in the third quarter. Royce & Associates LP now owns 341,849 shares of the company’s stock worth $12,105,000 after acquiring an additional 7,390 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Northern Oil and Gas by 15.6% in the 3rd quarter. Aptus Capital Advisors LLC now owns 190,068 shares of the company’s stock valued at $6,730,000 after purchasing an additional 25,580 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Down 1.3 %

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of 4.86 and a beta of 1.80. The stock has a fifty day moving average of $37.13 and a two-hundred day moving average of $38.61.

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.