Northern Oil and Gas’ (NOG) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Northern Oil and Gas (NYSE:NOG)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued to investors on Friday,Benzinga reports. They currently have a $45.00 price target on the stock. Royal Bank of Canada’s price target points to a potential upside of 12.70% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. Jefferies Financial Group began coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price target for the company. Truist Financial increased their price objective on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Piper Sandler decreased their target price on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 17th. Finally, Morgan Stanley dropped their price target on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.20.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $39.93 on Friday. The firm’s 50-day moving average is $39.79 and its two-hundred day moving average is $38.68. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $3.99 billion, a P/E ratio of 4.79 and a beta of 1.85. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $44.31.

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. The firm had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. Northern Oil and Gas’s revenue was up 140.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.73 earnings per share. Equities analysts predict that Northern Oil and Gas will post 5.4 earnings per share for the current year.

Insider Activity

In other news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of large investors have recently added to or reduced their stakes in NOG. Legacy Investment Solutions LLC purchased a new stake in Northern Oil and Gas during the 3rd quarter worth approximately $25,000. Signaturefd LLC grew its position in shares of Northern Oil and Gas by 100.5% during the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after buying an additional 427 shares in the last quarter. Quarry LP increased its stake in shares of Northern Oil and Gas by 338.8% in the second quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after buying an additional 874 shares during the last quarter. GAMMA Investing LLC raised its holdings in Northern Oil and Gas by 58.6% in the third quarter. GAMMA Investing LLC now owns 1,752 shares of the company’s stock valued at $62,000 after acquiring an additional 647 shares in the last quarter. Finally, Covestor Ltd boosted its stake in Northern Oil and Gas by 122.6% during the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after acquiring an additional 1,048 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

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.