Northern Oil and Gas (NYSE:NOG) Sets New 1-Year Low – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $26.21 and last traded at $26.38, with a volume of 1685504 shares. The stock had previously closed at $30.60.

Analysts Set New Price Targets

NOG has been the topic of a number of recent analyst reports. Citigroup cut their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Piper Sandler reduced their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Bank of America cut their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Morgan Stanley decreased 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 research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $45.44.

Northern Oil and Gas Price Performance

The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The company has a 50 day moving average of $32.05 and a 200-day moving average of $36.60. The stock has a market capitalization of $2.31 billion, a P/E ratio of 4.54 and a beta of 1.49.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 7.71%. Northern Oil and Gas’s dividend payout ratio is 35.02%.

Northern Oil and Gas announced that its Board of Directors has initiated a stock repurchase program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 in the company, valued at $6,215,673.72. This trade represents a 0.44 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Several large investors have recently made changes to their positions in NOG. Avior Wealth Management LLC increased its position in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after acquiring an additional 259 shares during the period. First Horizon Advisors Inc. grew its stake in shares of Northern Oil and Gas by 9.1% in the fourth quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock worth $129,000 after purchasing an additional 289 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Northern Oil and Gas by 2.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock valued at $487,000 after purchasing an additional 298 shares during the period. Summit Investment Advisors Inc. raised its stake in shares of Northern Oil and Gas by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company’s stock valued at $386,000 after purchasing an additional 329 shares in the last quarter. Finally, Legato Capital Management LLC lifted its holdings in Northern Oil and Gas by 5.8% in the fourth quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock worth $237,000 after purchasing an additional 349 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.