StockNews.com Downgrades Northern Oil and Gas (NYSE:NOG) to Sell Amidst Market Fluctuations

As of Nov 12th, 2023, Northern Oil and Gas, known by its stock ticker NOG, has had its rating adjusted by the analysts at StockNews.com. The firm has changed its stance on NOG from a 'hold' to a 'sell' rating, according to a recent research note released to investors.

However, this downgrade does not stand in isolation. Multiple other research entities have shared their perspectives on NOG's stock, leading to a diverse array of opinions. Noteworthy, Piper Sandler shifted their rating from 'overweight' to 'neutral,' setting a target price at $46.00. In contrast, Citigroup increased their target price from $45.00 to $50.00 and sustained a 'buy' rating. Similarly, Truist Financial and Royal Bank of Canada have both raised their price targets to $56.00 and $46.00, respectively, offering 'buy' ratings. Jefferies Financial Group also supported a 'buy' rating, raising their price objective to $50.00. Out of the analysts who have offered their expectations, one suggests a 'sell' rating, one holds, seven advocate for a 'buy,' and one proposes a 'strong buy.' Aggregated data reflects a consensus rating of 'Moderate Buy' with an average target price pegged at $50.33.

Fiscal Performance of Northern Oil and Gas

The opening share price for NOG was noted at $36.34, with the past year fluctuating between a low of $25.56 and a high of $43.64. The 50-day moving average for the stock sits at $39.56, with a 200-day moving average at $36.75. Current ratios position the company with a quick ratio of 0.78 and a current ratio matching that figure, against a debt-to-equity ratio of 1.46. Notably, Northern Oil and Gas holds a market capitalization of $3.65 billion, a P/E ratio of 4.68, and a beta of 1.91.

However, NOG reported quarterly earnings that fell slightly short of expectations. Their reported $1.73 EPS for the quarter was just under the consensus estimate of $1.76, missing by $0.03. Despite this, NOG demonstrated a return on equity of 49.08% and maintained a robust net margin of 38.96%. The total revenue for the quarter was recorded at $313.97 million, which, in comparison to the consensus estimate of $503.98 million, shows room for growth. Analysts anticipate Northern Oil and Gas to declare an EPS of 7.31 for the current fiscal year.

Insider Movements and Institutional Investment

Recent transactions from company insiders showcase James B. Evans selling 630 shares at an average price of $39.79, totaling $25,067.70. Post-sale, Evans holds 39,357 shares, valued at approximately $1,566,015.03. CEO Nicholas L. O'Grady also executed a sale of 28,950 shares at an average of $39.96 each, totaling $1,156,842.00, with the CEO retaining 147,697 shares post-transaction, valued around $5,901,972.12. Over the past 90 days, insiders have sold 47,424 shares, equating to about $1,906,237, with insiders owning 3.20% of the company's stock.

Institutional activity indicates considerable interest, as the likes of Quadrant Capital Group LLC expanded their stake by 259.2%, Spire Wealth Management entered with a new position, and Captrust Financial Advisors increased their shareholding by a substantial 1,349.4%. Institutional investors hold a significant 98.80% of NOG stock.

Company Profile

Northern Oil and Gas, Inc., headquartered in Minnetonka, Minnesota, is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties within the United States. They primarily operate in the Williston Basin, the Appalachian Basin, and the Permian Basin.

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