Mizuho Has Lowered Expectations for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price objective decreased by analysts at Mizuho from $35.00 to $33.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price target suggests a potential upside of 11.30% from the stock’s previous close.

NOG has been the subject of a number of other research reports. Morgan Stanley dropped their price target on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Royal Bank of Canada dropped their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating for the company in a research report on Monday, April 14th. Truist Financial increased their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Finally, Piper Sandler cut their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $40.56.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $29.65 on Tuesday. The company’s 50 day simple moving average is $26.34 and its two-hundred day simple moving average is $33.87. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas has a 1 year low of $19.88 and a 1 year high of $44.31. The stock has a market capitalization of $2.93 billion, a PE ratio of 5.77 and a beta of 1.47.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $602.10 million for the quarter, compared to the consensus estimate of $568.87 million. During the same quarter last year, the business posted $1.28 earnings per share. The firm’s revenue was up 51.9% compared to the same quarter last year. Analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has approved a share repurchase program on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Nicholas L. O’grady acquired 1,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This represents a 0.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Bahram Akradi bought 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. The trade was a 2.47% increase in their position. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by insiders.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently made changes to their positions in the stock. Heritage Family Offices LLP purchased a new stake in Northern Oil and Gas during the 4th quarter valued at $244,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Northern Oil and Gas by 11.9% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 30,532 shares of the company’s stock valued at $1,135,000 after acquiring an additional 3,239 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Northern Oil and Gas by 17.6% during the fourth quarter. Janney Montgomery Scott LLC now owns 9,743 shares of the company’s stock worth $362,000 after purchasing an additional 1,461 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares during the period. Finally, Tributary Capital Management LLC grew its stake in shares of Northern Oil and Gas by 11.8% in the fourth quarter. Tributary Capital Management LLC now owns 588,487 shares of the company’s stock worth $21,868,000 after purchasing an additional 62,300 shares during the last quarter. Hedge funds and other 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.