Northern Oil and Gas, Inc. (NYSE:NOG) Receives $47.50 Average PT from Analysts

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have received an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $47.20.

A number of research firms recently issued reports on NOG. Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $43.00 to $45.00 in a research note on Wednesday, November 20th. Morgan Stanley cut their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price target for the company. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Monday. Finally, Piper Sandler reduced their target price on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a report on Tuesday.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,508 shares of company stock worth $248,113 over the last 90 days. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOG. Dimensional Fund Advisors LP boosted its stake in shares of Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares in the last quarter. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares during the last quarter. abrdn plc purchased a new stake in Northern Oil and Gas during the third quarter worth $17,096,000. Bridgewater Associates LP grew its holdings in Northern Oil and Gas by 135.6% in the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after purchasing an additional 294,223 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in Northern Oil and Gas by 41.4% in the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after purchasing an additional 275,704 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Down 2.0 %

Shares of Northern Oil and Gas stock opened at $38.48 on Friday. The company has a fifty day simple moving average of $39.89 and a 200-day simple moving average of $38.74. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $44.31. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 4.62 and a beta of 1.85.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the prior year, the firm posted $1.73 earnings per share. Northern Oil and Gas’s revenue for the quarter was up 140.0% on a year-over-year basis. On average, equities analysts forecast that Northern Oil and Gas will post 5.4 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.68 annualized dividend and a yield of 4.37%. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

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.