Northern Oil and Gas (NYSE:NOG) Earns Sector Perform Rating from Royal Bank of Canada

Northern Oil and Gas (NYSE:NOG)‘s stock had its “sector perform” rating restated by stock analysts at Royal Bank of Canada in a report issued on Friday,Benzinga reports. They presently have a $45.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 12.70% from the stock’s previous close.

A number of other brokerages have also weighed in on NOG. Piper Sandler decreased their price target on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 17th. 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 note on Monday, December 16th. Morgan Stanley decreased their price objective on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Truist Financial increased their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Jefferies Financial Group started 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas currently has an average rating of “Moderate Buy” and an average target price of $47.20.

Northern Oil and Gas Stock Up 1.3 %

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

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The firm’s revenue for the quarter was up 140.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 earnings per share. Analysts predict that Northern Oil and Gas will post 5.4 earnings per share for the current fiscal year.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

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

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.