Northern Oil and Gas (NYSE:NOG) Rating Lowered to “Sector Perform” at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Northern Oil and Gas (NYSE:NOG) from an outperform rating to a sector perform rating in a report issued on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has $45.00 target price on the stock, up from their prior target price of $43.00.

A number of other research firms also recently commented on NOG. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective for the company. Truist Financial raised their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Morgan Stanley dropped their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Finally, Piper Sandler boosted their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Northern Oil and Gas Stock Up 2.0 %

Shares of NOG opened at $43.20 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The company has a 50-day simple moving average of $38.28 and a 200-day simple moving average of $38.57. Northern Oil and Gas has a 52 week low of $31.13 and a 52 week high of $43.80. The firm has a market capitalization of $4.31 billion, a P/E ratio of 5.19 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS 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 analysts’ expectations of $540.23 million. During the same quarter in the prior year, the firm posted $1.73 EPS. The company’s revenue for the quarter was up 140.0% on a year-over-year basis. On average, equities research analysts expect that Northern Oil and Gas will post 5.42 earnings per share for the current year.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the sale, the president now directly owns 107,876 shares in the company, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the sale, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. This represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 over the last 90 days. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas in the third quarter valued at $25,000. Signaturefd LLC lifted its stake in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after acquiring an additional 427 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after acquiring an additional 528 shares during the period. Quarry LP increased its stake 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 worth $42,000 after purchasing an additional 874 shares during the last quarter. Finally, Covestor Ltd raised its holdings in shares of Northern Oil and Gas by 122.6% in 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 period. 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.