Royal Bank of Canada Issues Pessimistic Forecast for Northern Oil and Gas (NYSE:NOG) Stock Price

Northern Oil and Gas (NYSE:NOG) had its price target reduced by equities researchers at Royal Bank of Canada from $45.00 to $40.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 13.91% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Mizuho cut shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Monday, December 16th. Piper Sandler lowered their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Finally, Truist Financial upped their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $47.00.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock opened at $35.12 on Thursday. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of 4.22 and a beta of 1.81. The firm’s 50-day moving average is $38.17 and its 200 day moving average is $38.49. Northern Oil and Gas has a 1 year low of $33.05 and a 1 year high of $44.31. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently made changes to their positions in the business. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas in the 3rd quarter worth approximately $25,000. Headlands Technologies LLC bought a new stake in Northern Oil and Gas during the 4th quarter worth approximately $29,000. Signaturefd LLC raised its stake in Northern Oil and Gas by 100.5% during the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after acquiring an additional 427 shares during the period. Blue Trust Inc. raised its stake in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the period. Finally, Avior Wealth Management LLC raised its stake in Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after acquiring an additional 259 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.