Piper Sandler Issues Positive Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective hoisted by Piper Sandler from $25.00 to $27.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target suggests a potential downside of 6.41% from the stock’s previous close.

Several other research analysts also recently weighed in on NOG. Morgan Stanley set a $24.00 price objective on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a report on Friday, January 23rd. Mizuho set a $29.00 price objective on Northern Oil and Gas in a report on Wednesday, January 21st. Royal Bank Of Canada decreased their price objective on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $29.57.

Northern Oil and Gas Trading Up 1.7%

NYSE NOG traded up $0.47 on Thursday, reaching $28.85. The company had a trading volume of 721,807 shares, compared to its average volume of 2,106,803. The stock’s 50 day moving average is $24.25 and its 200-day moving average is $23.77. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $32.62. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 87.42 and a beta of 0.96. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.12. The business had revenue of $610.18 million for the quarter, compared to analysts’ expectations of $524.98 million. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.Northern Oil and Gas’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.11 EPS. Equities analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently added to or reduced their stakes in the stock. Sankala Group LLC acquired a new stake in Northern Oil and Gas in the fourth quarter valued at about $88,000. State of Tennessee Department of Treasury boosted its position in shares of Northern Oil and Gas by 21.3% in the 4th quarter. State of Tennessee Department of Treasury now owns 29,316 shares of the company’s stock worth $629,000 after buying an additional 5,156 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Northern Oil and Gas in the 4th quarter valued at about $4,792,000. Virtus Investment Advisers LLC lifted its stake in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock worth $159,000 after acquiring an additional 572 shares in the last quarter. Finally, SummitTX Capital L.P. lifted its holdings in shares of Northern Oil and Gas by 33.8% in the 4th quarter. SummitTX Capital L.P. now owns 108,905 shares of the company’s stock worth $2,338,000 after purchasing an additional 27,502 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

About Northern Oil and Gas

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.