Northern Oil and Gas (NYSE:NOG) Price Target Raised to $36.00 at Raymond James

Northern Oil and Gas (NYSE:NOG) had its price objective raised by Raymond James from $35.00 to $36.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a strong-buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Truist Financial raised their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Royal Bank of Canada cut their price target on Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Citigroup lowered their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Mizuho dropped their target price on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Morgan Stanley reduced their price target on shares of 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.56.

Northern Oil and Gas Trading Up 5.0%

NYSE:NOG opened at $29.61 on Tuesday. 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 firm’s fifty day moving average is $26.30 and its 200-day moving average is $33.90. The firm has a market cap of $2.92 billion, a P/E ratio of 5.76 and a beta of 1.47.

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

Northern Oil and Gas announced that its Board of Directors has approved a share buyback plan on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.08%. The ex-dividend date is Friday, June 27th. Northern Oil and Gas’s payout ratio is currently 28.04%.

Insiders Place Their Bets

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

Institutional Trading of Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new position in shares of Northern Oil and Gas during the fourth quarter valued at approximately $29,000. Pinnacle Holdings LLC bought a new position in Northern Oil and Gas during the 1st quarter valued at $28,000. Signaturefd LLC lifted its stake in Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock valued at $33,000 after acquiring an additional 405 shares in the last quarter. Blue Trust Inc. boosted its holdings in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the last quarter. Finally, Byrne Asset Management LLC grew its stake in shares of Northern Oil and Gas by 54.9% in the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock worth $41,000 after acquiring an additional 483 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other 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.