Northern Oil and Gas, Inc. (NYSE:NOG) Receives $30.62 Average PT from Analysts

Northern Oil and Gas, Inc. (NYSE:NOG) has been assigned a consensus recommendation of “Hold” from the nine ratings firms that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $30.6250.

Several brokerages have recently commented on NOG. Weiss Ratings upgraded Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the company an “underweight” rating in a report on Monday, June 29th. Raymond James Financial restated an “outperform” rating and set a $28.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Johnson Rice cut Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th. Finally, Wall Street Zen upgraded Northern Oil and Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $25.93 on Monday. The company has a market cap of $2.76 billion, a PE ratio of -5.01 and a beta of 0.73. The firm has a 50-day moving average of $22.24 and a 200-day moving average of $24.21. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.80.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. During the same quarter last year, the business posted $1.37 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities analysts forecast that Northern Oil and Gas will post 3.79 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. Northern Oil and Gas’s dividend payout ratio is -34.75%.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi acquired 25,760 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was purchased at an average price of $19.40 per share, with a total value of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Northern Oil and Gas by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock worth $233,453,000 after purchasing an additional 141,499 shares during the period. California State Teachers Retirement System increased its holdings in Northern Oil and Gas by 1,823.1% in the 2nd quarter. California State Teachers Retirement System now owns 2,115,746 shares of the company’s stock valued at $38,401,000 after buying an additional 2,005,730 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Northern Oil and Gas in the 2nd quarter valued at approximately $26,769,000. Charles Schwab Investment Management Inc. raised its position in shares of Northern Oil and Gas by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,450,294 shares of the company’s stock valued at $31,138,000 after buying an additional 105,876 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Northern Oil and Gas by 18.5% during the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock worth $36,410,000 after acquiring an additional 194,861 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.