Brokerages Set Northern Oil and Gas, Inc. (NYSE:NOG) PT at $31.88

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have earned a consensus rating of “Hold” from the ten ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $31.8750.

Several brokerages have commented on NOG. Citigroup cut their price target on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Weiss Ratings downgraded Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Johnson Rice lowered Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price on the stock. in a report on Wednesday, May 20th. Raymond James Financial set a $30.00 price target on Northern Oil and Gas and gave the company an “outperform” rating in a research report on Monday, June 15th. Finally, Royal Bank Of Canada raised their price target on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th.

Northern Oil and Gas Price Performance

Shares of NOG opened at $20.17 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The stock has a market capitalization of $2.19 billion, a P/E ratio of -3.17 and a beta of 0.69. The company has a 50 day moving average of $21.09 and a 200-day moving average of $24.16.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $5.03 million for the quarter, compared to analyst estimates of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 earnings per share. As a group, equities research analysts forecast that Northern Oil and Gas will post 3.22 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be paid a dividend of $0.45 per share. The ex-dividend date is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.9%. Northern Oil and Gas’s dividend payout ratio is currently -28.26%.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi bought 25,760 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Doliver Advisors LP increased its stake in shares of Northern Oil and Gas by 6.1% during the 2nd quarter. Doliver Advisors LP now owns 37,346 shares of the company’s stock worth $678,000 after purchasing an additional 2,155 shares during the last quarter. Byrne Asset Management LLC lifted its stake in Northern Oil and Gas by 10,630.0% in the 2nd quarter. Byrne Asset Management LLC now owns 10,730 shares of the company’s stock valued at $195,000 after purchasing an additional 10,630 shares during the last quarter. Epiq Partners LLC lifted its stake in Northern Oil and Gas by 1.2% in the 2nd quarter. Epiq Partners LLC now owns 66,452 shares of the company’s stock valued at $1,206,000 after purchasing an additional 764 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Northern Oil and Gas by 1,621.9% during the first quarter. NewEdge Advisors LLC now owns 18,114 shares of the company’s stock worth $529,000 after purchasing an additional 17,062 shares during the period. Finally, Bank of America Corp DE grew its holdings in Northern Oil and Gas by 18.5% during the first quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock worth $36,410,000 after purchasing an additional 194,861 shares during the period. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

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.