Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month High – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $44.31 and last traded at $44.08, with a volume of 91929 shares trading hands. The stock had previously closed at $43.13.

Analysts Set New Price Targets

Several analysts recently commented on NOG shares. Piper Sandler raised their price objective on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. Truist Financial lifted their target price on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $43.00 to $45.00 in a report on Wednesday, November 20th. Finally, Mizuho assumed coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Stock Up 1.9 %

The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 5.18 and a beta of 1.80. The stock has a fifty day moving average price of $38.59 and a two-hundred day moving average price of $38.58.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results 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 company had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The firm’s quarterly revenue was up 140.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.73 earnings per share. As a group, sell-side analysts expect that Northern Oil and Gas, Inc. will post 5.42 EPS for the current year.

Insider Activity at Northern Oil and Gas

In other news, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at approximately $3,351,680. The trade was a 1.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,508 shares of company stock valued at $248,113 over the last quarter. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds have recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of Northern Oil and Gas by 1.4% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock valued at $849,000 after acquiring an additional 320 shares in the last quarter. Easterly Investment Partners LLC lifted its holdings in Northern Oil and Gas by 0.8% during the 3rd quarter. Easterly Investment Partners LLC now owns 50,601 shares of the company’s stock worth $1,792,000 after buying an additional 380 shares during the period. Signaturefd LLC increased its stake in shares of 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 buying an additional 427 shares during the period. CWM LLC raised its position in shares of Northern Oil and Gas by 24.8% during the third quarter. CWM LLC now owns 2,237 shares of the company’s stock worth $79,000 after acquiring an additional 444 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Northern Oil and Gas by 91.5% in the second 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 last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.