Royal Bank of Canada Reiterates “Outperform” Rating for Northern Oil and Gas (NYSE:NOG)

Northern Oil and Gas (NYSE:NOG)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $46.00 price objective on the stock. Royal Bank of Canada’s target price points to a potential upside of 18.37% from the stock’s current price.

A number of other equities research analysts have also commented on NOG. Citigroup decreased their price objective on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Piper Sandler boosted their price objective on shares of Northern Oil and Gas from $42.00 to $43.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Stifel Nicolaus increased their target price on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Jefferies Financial Group boosted their price target on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, StockNews.com raised shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.90.

Northern Oil and Gas Stock Up 2.1 %

NOG stock opened at $38.86 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $3.93 billion, a P/E ratio of 6.30 and a beta of 1.79. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.75. The company’s 50 day simple moving average is $39.17 and its 200-day simple moving average is $37.81.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.10. The firm had revenue of $396.35 million for the quarter, compared to analysts’ expectations of $505.67 million. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The company’s quarterly revenue was down 31.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.76 EPS. As a group, equities research analysts anticipate that Northern Oil and Gas will post 4.95 EPS for the current year.

Insider Activity

In related news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the sale, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the transaction, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.88, for a total transaction of $52,728.96. Following the transaction, the president now directly owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,934 shares of company stock valued at $241,906. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP lifted its holdings in shares of Northern Oil and Gas by 9.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,537,719 shares of the company’s stock worth $57,003,000 after buying an additional 131,448 shares during the last quarter. Ninepoint Partners LP raised its stake in Northern Oil and Gas by 12.5% during the 4th quarter. Ninepoint Partners LP now owns 450,000 shares of the company’s stock valued at $16,682,000 after purchasing an additional 50,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Northern Oil and Gas by 34.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,963 shares of the company’s stock valued at $555,000 after purchasing an additional 3,848 shares during the period. Wellington Management Group LLP boosted its holdings in Northern Oil and Gas by 11.6% in the 3rd quarter. Wellington Management Group LLP now owns 417,265 shares of the company’s stock valued at $16,787,000 after purchasing an additional 43,527 shares during the period. Finally, Sei Investments Co. grew its position in Northern Oil and Gas by 38.6% in the 3rd quarter. Sei Investments Co. now owns 419,762 shares of the company’s stock worth $16,888,000 after purchasing an additional 116,983 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

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.