Piper Sandler Lowers Northern Oil and Gas (NYSE:NOG) Price Target to $35.00

Northern Oil and Gas (NYSE:NOG) had its price target dropped by research analysts at Piper Sandler from $37.00 to $35.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target points to a potential downside of 4.84% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. 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, December 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price target on shares of Northern Oil and Gas in a report on Friday, January 10th. 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 report on Monday, January 13th. Finally, Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus price target of $47.56.

Northern Oil and Gas Price Performance

Shares of NOG stock opened at $36.78 on Wednesday. The company has a market capitalization of $3.67 billion, a PE ratio of 4.42 and a beta of 1.85. The firm has a fifty day simple moving average of $39.88 and a 200-day simple moving average of $38.85. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $44.31.

Northern Oil and Gas (NYSE:NOG) last announced its 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 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 net margin of 33.44% and a return on equity of 27.52%. The business’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 earnings per share. Equities research analysts anticipate that Northern Oil and Gas will post 5.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value 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 $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 1,836 shares of company stock valued at $72,869. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in NOG. abrdn plc purchased a new stake in shares of Northern Oil and Gas in the third quarter worth approximately $17,096,000. Bridgewater Associates LP raised its position in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after acquiring an additional 294,223 shares in the last quarter. New York State Common Retirement Fund raised its position in Northern Oil and Gas by 41.4% during the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after acquiring an additional 275,704 shares in the last quarter. Jennison Associates LLC raised its position in Northern Oil and Gas by 58.6% during the third quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock valued at $18,453,000 after acquiring an additional 192,539 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Northern Oil and Gas by 11.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock valued at $34,902,000 after acquiring an additional 103,314 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other 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.