Northern Oil and Gas (NYSE:NOG) Price Target Raised to $41.00

Northern Oil and Gas (NYSE:NOG) had its price target hoisted by Morgan Stanley from $38.00 to $41.00 in a research report released on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other equities research analysts have also recently commented on NOG. Truist Financial decreased their target price on shares of Northern Oil and Gas from $56.00 to $55.00 and set a buy rating on the stock in a research note on Friday, April 5th. Raymond James decreased their target price on shares of Northern Oil and Gas from $51.00 to $45.00 and set a strong-buy rating on the stock in a research note on Wednesday, January 24th. Stifel Nicolaus decreased their target price on shares of Northern Oil and Gas from $54.00 to $52.00 and set a buy rating on the stock in a research note on Tuesday, January 23rd. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $39.00 to $38.00 and set a neutral rating on the stock in a research report on Friday, February 16th. Finally, Bank of America cut shares of Northern Oil and Gas from a buy rating to an underperform rating and set a $39.00 price objective on the stock. in a research report on Friday, January 5th. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $46.60.

Northern Oil and Gas Stock Performance

NOG opened at $42.45 on Monday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90. The company has a market cap of $4.29 billion, a price-to-earnings ratio of 4.23 and a beta of 1.86. The company’s 50 day moving average is $37.61 and its 200 day moving average is $37.12. Northern Oil and Gas has a 12-month low of $29.57 and a 12-month high of $43.64.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Friday, February 23rd. The company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The firm had revenue of $543.40 million for the quarter, compared to the consensus estimate of $555.31 million. During the same quarter in the previous year, the business posted $1.43 EPS. Northern Oil and Gas’s revenue was up 21.9% on a year-over-year basis. On average, equities research analysts predict that Northern Oil and Gas will post 5.31 EPS for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio is presently 15.94%.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the sale, the president now owns 122,359 shares in the company, valued at $4,649,642. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the sale, the president now owns 122,359 shares in the company, valued at $4,649,642. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the sale, the chief executive officer now owns 228,082 shares in the company, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,944 shares of company stock worth $436,614. Insiders own 3.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Northern Oil and Gas by 9.6% during the second quarter. BlackRock Inc. now owns 11,963,727 shares of the company’s stock worth $410,595,000 after buying an additional 1,048,699 shares during the period. Vanguard Group Inc. boosted its stake in Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after buying an additional 2,827,642 shares during the period. State Street Corp boosted its stake in Northern Oil and Gas by 12.3% during the first quarter. State Street Corp now owns 4,515,908 shares of the company’s stock worth $138,625,000 after buying an additional 494,969 shares during the period. Invesco Ltd. boosted its stake in Northern Oil and Gas by 19.0% during the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock worth $152,318,000 after buying an additional 605,197 shares during the period. Finally, American Century Companies Inc. boosted its stake in Northern Oil and Gas by 27.0% during the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after buying an additional 545,297 shares during the period. 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.