Piper Sandler Forecasts Strong Price Appreciation for Northern Oil and Gas (NYSE:NOG) Stock

Northern Oil and Gas (NYSE:NOG) had its price objective hoisted by Piper Sandler from $40.00 to $41.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 0.19% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Morgan Stanley decreased their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Truist Financial upped their price target on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Mizuho assumed coverage on Northern Oil and Gas in a research note on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective on the stock. Finally, StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.60.

Northern Oil and Gas Stock Down 0.4 %

NOG opened at $41.08 on Monday. The company has a market cap of $4.10 billion, a PE ratio of 4.93 and a beta of 1.80. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80. The company has a 50-day moving average price of $37.64 and a 200 day moving average price of $38.50. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Northern Oil and Gas’s quarterly revenue was up 140.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 EPS. Sell-side analysts expect that Northern Oil and Gas will post 5.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 83,792 shares of the company’s stock, valued at $3,351,680. The trade was a 1.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares of the company’s stock, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,508 shares of company stock valued at $248,113 over the last 90 days. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its holdings in Northern Oil and Gas by 4.6% in the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock valued at $80,884,000 after purchasing an additional 100,761 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Northern Oil and Gas by 21.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 100,140 shares of the company’s stock valued at $3,546,000 after buying an additional 17,383 shares during the period. Hodges Capital Management Inc. grew its position in shares of Northern Oil and Gas by 4.9% during the third quarter. Hodges Capital Management Inc. now owns 44,580 shares of the company’s stock worth $1,579,000 after buying an additional 2,100 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas during the third quarter worth approximately $25,000. Finally, Stifel Financial Corp increased its stake in shares of Northern Oil and Gas by 7.6% during the third quarter. Stifel Financial Corp now owns 87,254 shares of the company’s stock worth $3,090,000 after buying an additional 6,168 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

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.