Northern Oil and Gas (NYSE:NOG) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Northern Oil and Gas from a “buy” to a “hold” rating, adding to a mixed analyst picture for the stock.
• The broader analyst consensus remains “Hold”, with four Buy ratings, four Hold ratings, and two Sell ratings; the average price target is $32.38.
• NOG shares were trading near $19.17, close to their 12-month low of $18.63, while the company reported quarterly EPS of $0.74, slightly above estimates, and saw insider buying from Director Bahram Akradi.

Northern Oil and Gas (NYSE:NOG - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday.

NOG has been the topic of a number of other reports. Weiss Ratings lowered Northern Oil and Gas from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 4th. Piper Sandler upped their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a "neutral" rating in a report on Thursday, March 12th. Johnson Rice cut shares of Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price on the stock. in a research note on Wednesday, May 20th. Bank of America boosted 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. Finally, Morgan Stanley reaffirmed an "underweight" rating and issued a $29.00 price target (up from $28.00) on shares of Northern Oil and Gas in a research note on Friday, May 22nd. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Northern Oil and Gas has a consensus rating of "Hold" and an average target price of $32.38.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $19.17 on Friday. Northern Oil and Gas has a 12-month low of $18.63 and a 12-month high of $31.28. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -3.01 and a beta of 0.68. The business has a 50 day simple moving average of $22.98 and a 200 day simple moving average of $24.50.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced 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. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm had revenue of $5.03 million for the quarter, compared to the consensus estimate of $511.38 million. During the same quarter in the previous year, the business earned $1.33 EPS. The firm's revenue for the quarter was down 6.2% on a year-over-year basis. On average, equities research analysts anticipate that Northern Oil and Gas will post 3.42 EPS for the current year.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi bought 25,760 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the purchase, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC increased its position in shares of Northern Oil and Gas by 1,621.9% in the first quarter. NewEdge Advisors LLC now owns 18,114 shares of the company's stock worth $529,000 after acquiring an additional 17,062 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Northern Oil and Gas by 18.5% in the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock valued at $36,410,000 after acquiring an additional 194,861 shares in the last quarter. California State Teachers Retirement System boosted its stake in Northern Oil and Gas by 25.1% in the 1st quarter. California State Teachers Retirement System now owns 110,016 shares of the company's stock worth $3,216,000 after purchasing an additional 22,102 shares during the period. Empowered Funds LLC boosted its stake in Northern Oil and Gas by 5.3% in the 1st quarter. Empowered Funds LLC now owns 403,127 shares of the company's stock worth $11,783,000 after purchasing an additional 20,413 shares during the period. Finally, Maverick Capital Ltd. acquired a new position in Northern Oil and Gas in the 1st quarter worth approximately $602,000. 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.

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