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

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

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

Northern Oil and Gas Price Performance

Shares of NOG opened at $34.89 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50 day simple moving average of $38.54 and a 200 day simple moving average of $39.12. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.80. The firm has a market capitalization of $3.53 billion, a PE ratio of 5.65 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. During the same period in the previous year, the firm earned $1.49 EPS. Northern Oil and Gas’s quarterly revenue was up 17.7% compared to the same quarter last year. Sell-side analysts predict that Northern Oil and Gas will post 5.41 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.82%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction that occurred on 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 owns 107,628 shares in the company, valued at approximately $4,076,948.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the sale, the chief executive officer now owns 224,332 shares in the company, valued at approximately $8,526,859.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 1,392 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. Company 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. Private Advisor Group LLC raised its stake in Northern Oil and Gas by 37.9% in the 4th quarter. Private Advisor Group LLC now owns 8,437 shares of the company’s stock valued at $313,000 after acquiring an additional 2,319 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Northern Oil and Gas by 11.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 734,485 shares of the company’s stock valued at $27,227,000 after acquiring an additional 74,430 shares during the period. Principal Securities Inc. bought a new stake in Northern Oil and Gas in the 4th quarter valued at $42,000. Teacher Retirement System of Texas raised its stake in Northern Oil and Gas by 12.2% in the 4th quarter. Teacher Retirement System of Texas now owns 15,424 shares of the company’s stock valued at $572,000 after acquiring an additional 1,681 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Northern Oil and Gas by 30.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,375,710 shares of the company’s stock valued at $51,001,000 after acquiring an additional 324,958 shares during the period. 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.