Northern Oil and Gas (NYSE:NOG) Given New $42.00 Price Target at Piper Sandler

Northern Oil and Gas (NYSE:NOG) had its price objective raised by Piper Sandler from $38.00 to $42.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms also recently issued reports on NOG. Royal Bank of Canada reissued an outperform rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Stifel Nicolaus cut their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a buy rating for the company in a report on Tuesday, January 23rd. Raymond James cut their price objective on shares of Northern Oil and Gas from $51.00 to $45.00 and set a strong-buy rating for the company in a report on Wednesday, January 24th. Citigroup cut their price objective on shares of Northern Oil and Gas from $50.00 to $45.00 and set a buy rating for the company in a report on Wednesday, February 28th. Finally, Jefferies Financial Group boosted their price objective 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $47.00.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $42.67 on Friday. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of 4.25 and a beta of 1.86. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32. The company has a 50-day simple moving average of $38.19 and a 200 day simple moving average of $37.20. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.64.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Friday, February 23rd. The company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.03). The company had revenue of $543.40 million for the quarter, compared to the consensus estimate of $555.31 million. Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The business’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.43 EPS. On average, sell-side analysts predict that Northern Oil and Gas will post 5.43 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 annualized dividend and a dividend yield of 3.75%. Northern Oil and Gas’s dividend payout ratio is 15.94%.

Insider Activity at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider James B. Evans sold 945 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the transaction, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock valued at $436,614 in the last quarter. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently modified their holdings of NOG. Vanguard Group Inc. grew its holdings in Northern Oil and Gas by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after purchasing an additional 2,827,642 shares during the period. Invesco Ltd. grew its holdings in Northern Oil and Gas by 19.0% in the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock worth $152,318,000 after purchasing an additional 605,197 shares during the period. American Century Companies Inc. grew its holdings in Northern Oil and Gas by 27.0% in the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after purchasing an additional 545,297 shares during the period. Dimensional Fund Advisors LP grew its holdings in Northern Oil and Gas by 30.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,375,710 shares of the company’s stock worth $51,001,000 after purchasing an additional 324,958 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Northern Oil and Gas by 55.9% in the third quarter. New York State Common Retirement Fund now owns 636,082 shares of the company’s stock worth $25,590,000 after purchasing an additional 228,009 shares during the period. Institutional investors own 98.80% of the company’s stock.

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.