Northern Oil and Gas (NYSE:NOG) Issues Quarterly Earnings Results

Northern Oil and Gas (NYSE:NOG) issued its quarterly earnings results on Thursday. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.04), FiscalAI reports. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 EPS.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG traded up $0.48 during midday trading on Thursday, reaching $20.25. 2,291,210 shares of the company were exchanged, compared to its average volume of 2,651,904. The stock has a market cap of $2.20 billion, a PE ratio of -3.18 and a beta of 0.70. The business’s fifty day moving average is $20.15 and its two-hundred day moving average is $24.06. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.9%. Northern Oil and Gas’s dividend payout ratio is currently -28.26%.

Insider Transactions at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction on Monday, June 22nd. The shares were bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NOG. Jones Financial Companies Lllp lifted its position in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after buying an additional 713 shares in the last quarter. Global Retirement Partners LLC grew its holdings in Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after buying an additional 1,432 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after acquiring an additional 1,228 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Northern Oil and Gas by 85.7% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after acquiring an additional 702 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of Northern Oil and Gas by 14.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after acquiring an additional 400 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on NOG shares. Wall Street Zen cut shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Johnson Rice lowered Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a research note on Wednesday, May 20th. Weiss Ratings cut Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, July 23rd. Royal Bank Of Canada boosted their price objective on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Finally, Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.62.

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.