Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month Low – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price reached a new 52-week low on Thursday . The company traded as low as $19.25 and last traded at $19.3270, with a volume of 3809903 shares. The stock had previously closed at $19.72.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Citigroup decreased their target price on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Raymond James Financial set a $30.00 target price on shares of Northern Oil and Gas and gave the stock an “outperform” rating in a report on Monday. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price on the stock. in a report on Wednesday, May 20th. Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Finally, Piper Sandler upped their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $32.38.

Northern Oil and Gas Price Performance

The firm’s 50-day moving average is $24.07 and its 200-day moving average is $24.71. The company has a market capitalization of $2.10 billion, a PE ratio of -3.03 and a beta of 0.68. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The company had revenue of $5.03 million during the quarter, compared to analyst estimates of $511.38 million. During the same period in the previous year, the business earned $1.33 earnings per share. The firm’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts predict that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be given a $0.45 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.80 annualized dividend and a yield of 9.3%. Northern Oil and Gas’s payout ratio is -28.26%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOG. Deprince Race & Zollo Inc. purchased a new position in Northern Oil and Gas in the fourth quarter worth $25,492,000. First Trust Advisors LP boosted its stake in shares of Northern Oil and Gas by 116.8% in the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company’s stock valued at $34,140,000 after purchasing an additional 629,197 shares in the last quarter. Bridgeway Capital Management LLC purchased a new stake in shares of Northern Oil and Gas in the 3rd quarter valued at $11,295,000. SG Americas Securities LLC boosted its stake in shares of Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock valued at $9,056,000 after purchasing an additional 351,490 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Northern Oil and Gas in the 1st quarter valued at $8,115,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

About Northern Oil and Gas

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.