Northern Oil and Gas (NYSE:NOG) Stock Rating Lowered by Wall Street Zen

Northern Oil and Gas (NYSE:NOG) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other analysts have also issued reports on NOG. Bank of America increased their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Citigroup lowered their price objective on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research note on Wednesday, May 20th. Piper Sandler increased their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Finally, Morgan Stanley reissued an “underweight” rating and set a $29.00 target price (up from $28.00) on shares of Northern Oil and Gas in a research note on Friday, May 22nd. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Hold” and a consensus price target of $32.38.

Northern Oil and Gas Stock Down 2.9%

Shares of Northern Oil and Gas stock opened at $19.17 on Friday. The stock has a 50-day moving average price of $22.98 and a 200 day moving average price of $24.50. The company has a market cap of $2.08 billion, a P/E ratio of -3.01 and a beta of 0.68. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. Northern Oil and Gas has a 1 year low of $18.63 and a 1 year high of $31.28.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. The company had revenue of $5.03 million for the quarter, compared to analysts’ expectations of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The business’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.33 EPS. As a group, analysts expect that Northern Oil and Gas will post 3.42 EPS for the current fiscal year.

Insider Activity

In other news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares in the company, valued at $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds have recently added to or reduced their stakes in NOG. Ascentis Independent Advisors acquired a new position in Northern Oil and Gas during the 1st quarter worth $33,000. Jones Financial Companies Lllp grew its position in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares during the period. Plato Investment Management Ltd bought a new position in shares of Northern Oil and Gas in the fourth quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Northern Oil and Gas by 429.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

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.