Northern Oil and Gas (NYSE:NOG) Shares Gap Up Following Better-Than-Expected Earnings

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $36.76, but opened at $41.18. Northern Oil and Gas shares last traded at $39.54, with a volume of 251,264 shares trading hands.

The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. During the same quarter in the prior year, the company earned $1.73 EPS. The firm’s quarterly revenue was up 140.0% on a year-over-year basis.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Morgan Stanley reduced their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective on the stock. Bank of America raised their target price on shares of 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 cut their target price on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Finally, Piper Sandler cut 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Insider Buying and Selling

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Chad W. Allen sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares in the company, valued at approximately $3,351,680. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were 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 in the company, valued at $4,153,226. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,008 shares of company stock worth $228,013. 2.80% of the stock is owned by insiders.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently bought and sold shares of the company. Signaturefd LLC increased its holdings in 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 acquiring an additional 427 shares during the period. GAMMA Investing LLC grew its holdings 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 valued at $41,000 after purchasing an additional 528 shares during the last quarter. Quarry LP grew its holdings 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 valued at $42,000 after purchasing an additional 874 shares during the last quarter. Covestor Ltd grew its holdings in shares of Northern Oil and Gas by 122.6% during the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after purchasing an additional 1,048 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Northern Oil and Gas by 24.8% during the 3rd quarter. CWM LLC now owns 2,237 shares of the company’s stock valued at $79,000 after purchasing an additional 444 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Performance

The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. The company’s fifty day moving average is $37.10 and its 200 day moving average is $38.58. The company has a market cap of $3.99 billion, a P/E ratio of 6.51 and a beta of 1.80.

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.