Northern Oil and Gas (NYSE:NOG) Lowered to Sector Perform Rating by Royal Bank of Canada

Royal Bank of Canada lowered shares of Northern Oil and Gas (NYSE:NOG) from an outperform rating to a sector perform rating in a research note released on Wednesday morning, MarketBeat reports. The firm currently has $45.00 price target on the stock, up from their prior price target of $43.00.

Other analysts also recently issued reports about the company. Morgan Stanley decreased their price objective on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Truist Financial increased their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Jefferies Financial Group began 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. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Piper Sandler upped their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Stock Up 2.1 %

Shares of NYSE:NOG opened at $43.21 on Wednesday. The company has a market capitalization of $4.31 billion, a PE ratio of 5.19 and a beta of 1.80. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.80. The company has a fifty day moving average of $38.10 and a 200-day moving average of $38.55. 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) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The business had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Northern Oil and Gas’s quarterly revenue 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. On average, equities analysts predict that Northern Oil and Gas will post 5.42 EPS for the current fiscal year.

Insider Transactions at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of the firm’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 transaction of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares in the company, valued at $3,727,440.38. This trade represents a 1.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares of the company’s stock, valued at approximately $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 6,508 shares of company stock valued at $248,113 in the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Large investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas during the 3rd quarter worth approximately $25,000. Signaturefd LLC increased its stake in shares of Northern Oil and Gas by 100.5% during the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after purchasing an additional 427 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the last quarter. Quarry LP increased its stake in shares of 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 purchasing an additional 874 shares during the last quarter. Finally, Covestor Ltd grew its stake in Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after buying an additional 1,048 shares in the last quarter. Hedge funds and other institutional investors 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.