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

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price hit a new 52-week high on Wednesday . The stock 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.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Piper Sandler upped their price objective on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, November 18th. StockNews.com lowered shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Mizuho started coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective for the company. Royal Bank of Canada lowered Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $43.00 to $45.00 in a research report on Wednesday, November 20th. Finally, Jefferies Financial Group started coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Trading Up 1.9 %

The firm has a market capitalization of $4.39 billion, a PE ratio of 5.18 and a beta of 1.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company has a fifty day moving average of $38.59 and a 200-day moving average of $38.58.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.20 by $0.20. The business had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.73 EPS. On average, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Northern Oil and Gas

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

Institutional Trading of Northern Oil and Gas

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Northern Oil and Gas by 4.6% during the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after purchasing an additional 100,761 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Northern Oil and Gas by 21.0% in the third quarter. Public Employees Retirement System of Ohio now owns 100,140 shares of the company’s stock valued at $3,546,000 after buying an additional 17,383 shares during the period. Hodges Capital Management Inc. boosted its stake in Northern Oil and Gas by 4.9% in the third quarter. Hodges Capital Management Inc. now owns 44,580 shares of the company’s stock valued at $1,579,000 after acquiring an additional 2,100 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Northern Oil and Gas during the third quarter worth $25,000. Finally, Stifel Financial Corp lifted its stake in Northern Oil and Gas by 7.6% in the third quarter. Stifel Financial Corp now owns 87,254 shares of the company’s stock valued at $3,090,000 after buying an additional 6,168 shares during the period. Institutional investors and hedge funds 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.