Morgan Stanley Cuts Northern Oil and Gas (NYSE:NOG) Price Target to $39.00

Northern Oil and Gas (NYSE:NOG) had its target price trimmed by Morgan Stanley from $42.00 to $39.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also recently commented on NOG. Truist Financial increased their price target on Northern Oil and Gas from $54.00 to $55.00 and gave the company a buy rating in a research report on Thursday, August 1st. StockNews.com downgraded Northern Oil and Gas from a hold rating to a sell rating in a report on Thursday, August 1st. Piper Sandler dropped their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating on the stock in a research report on Thursday, August 15th. Bank of America increased their price target on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a buy rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $47.78.

Northern Oil and Gas Price Performance

NYSE NOG opened at $36.17 on Monday. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.80. The firm’s 50 day moving average is $38.46 and its 200-day moving average is $39.10. The company has a market capitalization of $3.66 billion, a PE ratio of 5.86 and a beta of 1.81. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The firm had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. During the same period in the previous year, the business earned $1.49 EPS. The company’s revenue was up 17.7% compared to the same quarter last year. Equities research analysts anticipate that Northern Oil and Gas will post 5.41 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a dividend of $0.42 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 annualized dividend and a dividend yield of 4.64%. Northern Oil and Gas’s payout ratio is presently 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the sale, the chief executive officer now owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the transaction, the president now owns 107,628 shares in the company, valued at $4,076,948.64. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in NOG. Westfield Capital Management Co. LP increased its stake in Northern Oil and Gas by 9.3% during the 4th quarter. Westfield Capital Management Co. LP now owns 1,537,719 shares of the company’s stock worth $57,003,000 after acquiring an additional 131,448 shares during the period. Vanguard Group Inc. increased its position in shares of Northern Oil and Gas by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock worth $421,857,000 after purchasing an additional 43,940 shares during the period. UniSuper Management Pty Ltd bought a new position in shares of Northern Oil and Gas in the first quarter worth $1,046,000. Motley Fool Asset Management LLC raised its stake in Northern Oil and Gas by 29.0% in the first quarter. Motley Fool Asset Management LLC now owns 72,533 shares of the company’s stock valued at $2,878,000 after purchasing an additional 16,302 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC lifted its position in Northern Oil and Gas by 1.7% during the first quarter. Silvercrest Asset Management Group LLC now owns 749,668 shares of the company’s stock worth $29,747,000 after purchasing an additional 12,814 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.