Northern Oil and Gas' (NOG) Neutral Rating Reaffirmed at Piper Sandler

Key Points

• Piper Sandler has lowered its price target for Northern Oil and Gas from $31.00 to $25.00, maintaining a "neutral" rating on the stock.
• Northern Oil and Gas reported earnings per share of $1.37 for the last quarter, significantly outperforming analysts' estimates of $0.87.
• Institutional investors hold 98.80% of Northern Oil and Gas stock, indicating strong confidence in the company.

Northern Oil and Gas (NYSE:NOG - Get Free Report)'s stock had its "neutral" rating restated by Piper Sandler in a report issued on Monday, MarketBeat reports. They currently have a $25.00 price target on the stock, down from their previous price target of $31.00. Piper Sandler's price objective would indicate a potential upside of 0.97% from the company's current price.

NOG has been the subject of a number of other reports. Royal Bank Of Canada reduced their target price on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a research report on Monday, July 14th. Citigroup increased their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Bank of America increased their target price on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Mizuho dropped their price target on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $38.11.

Northern Oil and Gas Price Performance

NYSE:NOG traded up $0.10 during trading hours on Monday, reaching $24.76. 436,357 shares of the company were exchanged, compared to its average volume of 1,834,063. The company has a market capitalization of $2.42 billion, a P/E ratio of 4.09 and a beta of 1.55. The business has a 50 day moving average of $28.88 and a 200 day moving average of $29.22. Northern Oil and Gas has a 1-year low of $19.88 and a 1-year high of $44.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 0.92.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.50. The company had revenue of $706.81 million for the quarter, compared to analyst estimates of $555.54 million. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The firm's revenue was up 26.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.46 EPS. Research analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in NOG. American Century Companies Inc. boosted its position in shares of Northern Oil and Gas by 6.4% during the first quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock valued at $210,201,000 after buying an additional 415,781 shares during the period. Dimensional Fund Advisors LP increased its stake in Northern Oil and Gas by 30.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock worth $129,939,000 after purchasing an additional 1,001,493 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Northern Oil and Gas by 25.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,951,505 shares of the company's stock worth $56,867,000 after purchasing an additional 397,128 shares during the last quarter. Channing Capital Management LLC boosted its stake in shares of Northern Oil and Gas by 8.7% during the first quarter. Channing Capital Management LLC now owns 1,920,258 shares of the company's stock valued at $58,049,000 after purchasing an additional 153,635 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Northern Oil and Gas by 2.3% in the first quarter. Westfield Capital Management Co. LP now owns 1,636,938 shares of the company's stock worth $49,485,000 after purchasing an additional 36,507 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

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.