Piper Sandler Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective reduced by analysts at Piper Sandler from $37.00 to $35.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target would indicate a potential downside of 5.88% from the stock’s previous close.

NOG has been the topic of a number of other research reports. Truist Financial increased their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Monday, December 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $45.00 target price on shares of Northern Oil and Gas in a report on Friday, January 10th. Finally, Jefferies Financial Group began coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $47.56.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $37.19 on Wednesday. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $44.31. The company has a market capitalization of $3.71 billion, a P/E ratio of 4.46 and a beta of 1.85. The business has a 50 day moving average price of $39.73 and a 200 day moving average price of $38.82. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data 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. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. During the same period last year, the business posted $1.73 EPS. Northern Oil and Gas’s quarterly revenue was up 140.0% on a year-over-year basis. Sell-side analysts expect that Northern Oil and Gas will post 5.34 EPS for the current fiscal year.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 1,836 shares of company stock worth $72,869. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Icon Wealth Advisors LLC acquired a new position in Northern Oil and Gas in the third quarter valued at $828,000. Heritage Family Offices LLP acquired a new position in Northern Oil and Gas in the fourth quarter valued at $244,000. Tributary Capital Management LLC boosted its holdings in Northern Oil and Gas by 11.8% in the fourth quarter. Tributary Capital Management LLC now owns 588,487 shares of the company’s stock valued at $21,868,000 after acquiring an additional 62,300 shares during the last quarter. Heritage Wealth Management Inc. purchased a new position in Northern Oil and Gas in the second quarter valued at about $939,000. Finally, Wesbanco Bank Inc. purchased a new position in Northern Oil and Gas in the third quarter valued at about $1,080,000. Institutional investors and hedge funds 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.