Northern Oil and Gas (NYSE:NOG) Reaches New 1-Year Low – Here’s What Happened

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $18.63 and last traded at $18.9850, with a volume of 183041 shares trading hands. The stock had previously closed at $19.42.

Wall Street Analysts Forecast Growth

NOG has been the subject of several recent analyst reports. Johnson Rice downgraded shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a research report on Wednesday, May 20th. Royal Bank Of Canada upped their target price on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Morgan Stanley reaffirmed an “underweight” rating and issued a $29.00 target price (up from $28.00) on shares of Northern Oil and Gas in a research report on Friday, May 22nd. Raymond James Financial set a $30.00 price target on shares of Northern Oil and Gas and gave the stock an “outperform” rating in a research note on Monday, June 15th. Finally, Citigroup reduced their price target on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.38.

Northern Oil and Gas Price Performance

The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The company has a market capitalization of $2.04 billion, a PE ratio of -2.95 and a beta of 0.68. The company’s 50-day simple moving average is $23.39 and its 200-day simple moving average is $24.61.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $511.38 million. During the same period in the previous year, the business posted $1.33 earnings per share. Northern Oil and Gas’s quarterly revenue was down 6.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 annualized dividend and a yield of 9.6%. Northern Oil and Gas’s dividend payout ratio is currently -28.26%.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock worth $1,233,000 after purchasing an additional 14,492 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Northern Oil and Gas by 3.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after purchasing an additional 1,865 shares during the period. Jones Financial Companies Lllp grew its position in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after buying an additional 713 shares during the last quarter. Empowered Funds LLC grew its position in Northern Oil and Gas by 5.0% in the 1st quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock valued at $1,972,000 after buying an additional 3,124 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in Northern Oil and Gas by 41.8% in the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after buying an additional 13,690 shares during the period. 98.80% of the stock is owned by institutional investors and hedge funds.

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.