Jefferies Financial Group Initiates Coverage on Northern Oil and Gas (NYSE:NOG)

Stock analysts at Jefferies Financial Group initiated coverage on shares of Northern Oil and Gas (NYSE:NOG - Get Free Report) in a note issued to investors on Thursday, StockNewsAPI reports. The brokerage set a "buy" rating and a $53.00 price target on the stock. Jefferies Financial Group's price target indicates a potential upside of 35.62% from the company's previous close.

Several other equities research analysts have also recently weighed in on the stock. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, August 15th. Mizuho started coverage on Northern Oil and Gas in a report on Thursday, September 19th. They set an "outperform" rating and a $47.00 price objective on the stock. Morgan Stanley cut their target price on Northern Oil and Gas from $42.00 to $39.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. StockNews.com cut Northern Oil and Gas from a "hold" rating to a "sell" rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $46.00 price target on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Northern Oil and Gas currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.80.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock traded up $2.20 on Thursday, reaching $39.08. 2,200,344 shares of the stock were exchanged, compared to its average volume of 1,354,546. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80. The firm has a fifty day moving average price of $37.67 and a two-hundred day moving average price of $39.08. The stock has a market cap of $3.95 billion, a PE ratio of 6.22 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to the consensus estimate of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The firm's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.49 EPS. Sell-side analysts anticipate that Northern Oil and Gas will post 5.29 EPS for the current year.

Insiders Place Their Bets

In related news, insider Erik J. Romslo sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the transaction, the insider now owns 105,713 shares in the company, valued at approximately $3,727,440.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Northern Oil and Gas news, CEO Nicholas L. O'grady sold 3,750 shares of the company's stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the sale, the insider now owns 105,713 shares of the company's stock, valued at approximately $3,727,440.38. The disclosure for this sale can be found here. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its holdings in Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company's stock worth $41,000 after buying an additional 528 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company's stock worth $42,000 after acquiring an additional 1,121 shares during the last quarter. Quarry LP grew its holdings in Northern Oil and Gas by 338.8% during 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 period. Fifth Third Bancorp increased its stake in Northern Oil and Gas by 88.2% in the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company's stock valued at $82,000 after purchasing an additional 1,033 shares in the last quarter. Finally, Marks Group Wealth Management Inc acquired a new stake in Northern Oil and Gas in the first quarter worth $215,000. 98.80% of the stock is owned by institutional investors.

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.