Morgan Stanley Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $38.00

Northern Oil and Gas (NYSE:NOG) had its target price lowered by equities research analysts at Morgan Stanley from $43.00 to $38.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 23.62% from the stock’s previous close.

A number of other brokerages have also issued reports on NOG. Citigroup dropped their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Truist Financial lifted their price objective 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. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Finally, Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $46.33.

Northern Oil and Gas Stock Down 0.7 %

Shares of NOG traded down $0.21 on Thursday, hitting $30.74. The company’s stock had a trading volume of 595,725 shares, compared to its average volume of 1,644,259. The firm’s fifty day moving average price is $33.70 and its 200-day moving average price is $36.89. Northern Oil and Gas has a fifty-two week low of $26.59 and a fifty-two week high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 5.98 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. On average, equities research analysts expect that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its board has authorized a stock buyback plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi acquired 40,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was purchased at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors have recently made changes to their positions in the stock. Legacy Investment Solutions LLC bought a new position in Northern Oil and Gas during the 3rd quarter worth $25,000. Headlands Technologies LLC bought a new position in shares of Northern Oil and Gas in the fourth quarter worth $29,000. Blue Trust Inc. raised its stake in Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after purchasing an additional 801 shares in the last quarter. Avior Wealth Management LLC lifted its position in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new stake in Northern Oil and Gas during the fourth quarter worth about $66,000. 98.80% of the stock is currently owned by institutional investors.

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.