Northern Oil and Gas (NYSE:NOG) Given New $37.00 Price Target at Piper Sandler

Northern Oil and Gas (NYSE:NOG - Get Free Report) had its price objective decreased by analysts at Piper Sandler from $41.00 to $37.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's price target would suggest a potential downside of 3.85% from the company's previous close.

Several other research firms also recently commented on NOG. Royal Bank of Canada downgraded Northern Oil and Gas from an "outperform" rating to a "sector perform" rating and upped their price objective for the company from $43.00 to $45.00 in a research note on Wednesday, November 20th. Truist Financial upped their price target on Northern Oil and Gas from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Friday. Jefferies Financial Group assumed coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a "buy" rating and a $53.00 price objective for the company. Morgan Stanley dropped their price objective on shares of 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. Finally, Mizuho downgraded shares of Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 target price for the company. in a research note on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Northern Oil and Gas presently has an average rating of "Moderate Buy" and an average target price of $47.20.

Northern Oil and Gas Stock Performance

NYSE:NOG traded down $0.79 during trading on Tuesday, reaching $38.48. The company's stock had a trading volume of 2,131,540 shares, compared to its average volume of 1,306,336. 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 $3.84 billion, a price-to-earnings ratio of 4.60 and a beta of 1.85. The firm has a 50 day moving average of $39.90 and a 200-day moving average of $38.75. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating 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 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 quarter in the prior year, the business earned $1.73 earnings per share. Research analysts expect that Northern Oil and Gas will post 5.4 EPS for the current fiscal year.

Insider Activity at Northern Oil and Gas

In other news, CFO Chad W. Allen sold 1,500 shares of the business's stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 83,792 shares of the company's stock, valued at approximately $3,351,680. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Adam A. Dirlam sold 2,508 shares of the business's stock in a transaction that occurred 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 owns 107,876 shares of the company's stock, valued at $4,153,226. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 over the last 90 days. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NOG. Geode Capital Management LLC grew its stake 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 worth $80,884,000 after purchasing an additional 100,761 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Northern Oil and Gas by 21.0% during 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 in the last quarter. Hodges Capital Management Inc. grew its position in shares of Northern Oil and Gas by 4.9% in the 3rd 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 during the period. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas in the 3rd quarter worth about $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 valued at $3,090,000 after purchasing an additional 6,168 shares in the last quarter. 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.