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

Northern Oil and Gas (NYSE:NOG) had its price objective lowered by equities researchers at Piper Sandler from $34.00 to $30.00 in a report released on Tuesday, MarketBeat.com reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential upside of 1.18% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Truist Financial increased their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Citigroup lowered their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Royal Bank of Canada cut their target price on Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Monday, April 14th. Mizuho lowered their price target on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Morgan Stanley cut their price objective on shares of Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $40.56.

Northern Oil and Gas Stock Up 0.1%

NOG stock opened at $29.65 on Tuesday. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 5.77 and a beta of 1.47. Northern Oil and Gas has a 1-year low of $19.88 and a 1-year high of $44.31. The firm has a fifty day moving average price of $26.34 and a two-hundred day moving average price of $33.87. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $602.10 million during the quarter, compared to the consensus estimate of $568.87 million. During the same quarter in the prior year, the firm earned $1.28 EPS. The company’s revenue for the quarter was up 51.9% compared to the same quarter last year. Research analysts predict that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its board has approved a share repurchase program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Northern Oil and Gas

In other news, Director Bahram Akradi bought 40,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the transaction, the director now directly owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. This trade represents a 2.47% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas L. O’grady purchased 1,000 shares of the stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents a 0.44% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NOG. Rafferty Asset Management LLC grew its position in Northern Oil and Gas by 23.2% in the first quarter. Rafferty Asset Management LLC now owns 151,604 shares of the company’s stock worth $4,583,000 after buying an additional 28,577 shares during the last quarter. Comerica Bank boosted its stake in shares of Northern Oil and Gas by 6.4% during the 1st quarter. Comerica Bank now owns 159,244 shares of the company’s stock worth $4,814,000 after acquiring an additional 9,610 shares in the last quarter. Freedom Investment Management Inc. grew its holdings in shares of Northern Oil and Gas by 28.9% in the 1st quarter. Freedom Investment Management Inc. now owns 11,742 shares of the company’s stock worth $355,000 after acquiring an additional 2,632 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Northern Oil and Gas by 45.7% during the first quarter. MetLife Investment Management LLC now owns 87,154 shares of the company’s stock worth $2,635,000 after purchasing an additional 27,336 shares during the period. Finally, Penn Capital Management Company LLC lifted its holdings in shares of Northern Oil and Gas by 12.5% during the first quarter. Penn Capital Management Company LLC now owns 393,815 shares of the company’s stock valued at $11,934,000 after purchasing an additional 43,871 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.