Northern Oil and Gas (NYSE:NOG) Given New $55.00 Price Target at Truist Financial

Northern Oil and Gas (NYSE:NOG) had its price objective increased by Truist Financial from $52.00 to $55.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research firms also recently issued reports on NOG. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Morgan Stanley decreased 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 report on Monday, September 16th. Piper Sandler decreased their price objective on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a report on Tuesday, December 17th. 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 target price for the company. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $45.00 target price on shares of Northern Oil and Gas in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Stock Up 2.0 %

Shares of NYSE NOG opened at $40.77 on Monday. The firm has a market cap of $4.07 billion, a PE ratio of 4.89 and a beta of 1.85. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $44.31. The company’s fifty day simple moving average is $39.88 and its 200 day simple moving average is $38.70. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The business’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same period last year, the firm earned $1.73 earnings per share. As a group, sell-side analysts forecast that Northern Oil and Gas will post 5.4 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be paid a dividend of $0.42 per share. The ex-dividend date is Monday, December 30th. This represents a $1.68 annualized dividend and a yield of 4.12%. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

Insider Transactions at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 1,836 shares of company stock worth $72,869 in the last quarter. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 45.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares during the period. abrdn plc purchased a new position in Northern Oil and Gas during the third quarter worth $17,096,000. Bridgewater Associates LP boosted its stake in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after buying an additional 294,223 shares during the period. New York State Common Retirement Fund boosted its stake in Northern Oil and Gas by 41.4% during the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after buying an additional 275,704 shares during the period. Finally, Jennison Associates LLC boosted its stake in Northern Oil and Gas by 58.6% during the third quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock worth $18,453,000 after buying an additional 192,539 shares during the period. 98.80% of the stock is owned by hedge funds and other 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.