Northern Oil and Gas, Inc. (NYSE:NOG) Given Average Rating of “Hold” by Analysts

Northern Oil and Gas, Inc. (NYSE:NOG) has been given an average recommendation of “Hold” by the nine ratings firms that are covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $43.50.

A number of equities analysts recently commented on the company. Morgan Stanley reduced their price target on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Citigroup reduced their price target on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Bank of America reduced their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Finally, Truist Financial boosted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th.

Northern Oil and Gas Trading Up 0.9%

Northern Oil and Gas stock opened at $26.53 on Monday. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The stock has a market capitalization of $2.62 billion, a P/E ratio of 5.16 and a beta of 1.47. The stock has a 50-day simple moving average of $26.23 and a 200 day simple moving average of $33.99.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $602.10 million during the quarter, compared to analysts’ expectations of $568.87 million. During the same quarter last year, the company posted $1.28 earnings per share. Northern Oil and Gas’s quarterly revenue was up 51.9% on a year-over-year basis. Analysts expect that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas declared that its Board of Directors has authorized a stock buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be issued a $0.45 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 6.78%. Northern Oil and Gas’s payout ratio is 28.04%.

Insider Activity at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady purchased 1,000 shares of Northern Oil and Gas stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the transaction, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This trade represents a 0.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bahram Akradi purchased 40,000 shares of Northern Oil and Gas stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the transaction, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This represents a 2.47% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas during the 4th quarter worth $29,000. Signaturefd LLC lifted its stake in Northern Oil and Gas by 60.0% in the first quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock worth $33,000 after purchasing an additional 405 shares during the last quarter. Byrne Asset Management LLC raised its stake in shares of Northern Oil and Gas by 54.9% during the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock valued at $41,000 after acquiring an additional 483 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after acquiring an additional 801 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Northern Oil and Gas by 127.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company’s stock valued at $45,000 after acquiring an additional 835 shares during the last quarter. 98.80% of the stock is owned by institutional investors.

About Northern Oil and Gas

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.