Mizuho Initiates Coverage on Northern Oil and Gas (NYSE:NOG)

Mizuho initiated coverage on shares of Northern Oil and Gas (NYSE:NOG) in a research note issued on Thursday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $47.00 price target on the stock. Mizuho’s price objective would suggest a potential upside of 26.65% from the company’s previous close.

A number of other research firms also recently weighed in on NOG. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. 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 raised their target price 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. Finally, Piper Sandler lowered their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.70.

Northern Oil and Gas Stock Down 0.4 %

NOG opened at $37.11 on Thursday. The business has a 50 day moving average of $38.37 and a 200-day moving average of $39.09. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 6.01 and a beta of 1.81. 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 1-year low of $31.13 and a 1-year high of $43.80.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, July 30th. The company reported $1.46 EPS 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 analysts’ expectations of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.49 EPS. As a group, sell-side analysts anticipate that Northern Oil and Gas will post 5.41 earnings per share for the current year.

Insider Activity

In other news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related 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 owns 224,332 shares in the company, valued at approximately $8,526,859.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction, the president now owns 107,628 shares in the company, valued at $4,076,948.64. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Heritage Wealth Management Inc. bought a new position in shares of Northern Oil and Gas in the 2nd quarter valued at about $939,000. Quarry LP grew its holdings in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after acquiring an additional 874 shares during the period. Creative Planning grew its holdings in Northern Oil and Gas by 80.6% during the 2nd quarter. Creative Planning now owns 23,712 shares of the company’s stock worth $881,000 after acquiring an additional 10,580 shares during the period. Algert Global LLC bought a new stake in shares of Northern Oil and Gas during the 2nd quarter valued at $340,000. Finally, Scientech Research LLC acquired a new position in shares of Northern Oil and Gas in the 2nd quarter valued at $254,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.