Northern Oil and Gas (NYSE:NOG) Given New $38.00 Price Target at Morgan Stanley

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price target cut by stock analysts at Morgan Stanley from $43.00 to $38.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Morgan Stanley's price target would indicate a potential upside of 25.67% from the stock's current price.

A number of other equities analysts have also weighed in on the stock. Piper Sandler dropped their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday, January 29th. Royal Bank of Canada cut their price target on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Thursday, February 13th. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Citigroup cut their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Finally, Truist Financial upped their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, January 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $46.33.

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Northern Oil and Gas Price Performance

Shares of NOG stock traded up $0.09 on Thursday, hitting $30.24. 1,690,141 shares of the stock traded hands, compared to its average volume of 1,422,162. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 5.88 and a beta of 1.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The firm has a 50 day simple moving average of $33.24 and a two-hundred day simple moving average of $36.85. Northern Oil and Gas has a 52 week low of $26.60 and a 52 week high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. As a group, equities research analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas announced that its board has authorized a share buyback program on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 836 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction 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 trade represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bahram Akradi acquired 40,000 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was acquired at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas during the 3rd quarter worth $25,000. Headlands Technologies LLC bought a new position in Northern Oil and Gas during the 4th quarter worth about $29,000. Blue Trust Inc. increased its position in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after purchasing an additional 801 shares during the period. Avior Wealth Management LLC raised its holdings in shares of Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock valued at $51,000 after purchasing an additional 259 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Northern Oil and Gas in the 4th quarter worth approximately $66,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.