Northern Oil and Gas (NYSE:NOG) Reaches New 52-Week Low – What’s Next?

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) hit a new 52-week low during trading on Tuesday . The company traded as low as $17.76 and last traded at $17.8170, with a volume of 5970996 shares trading hands. The stock had previously closed at $19.17.

Analysts Set New Price Targets

NOG has been the topic of a number of research reports. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Monday. Raymond James Financial set a $30.00 price objective on Northern Oil and Gas and gave the company an “outperform” rating in a research report on Monday, June 15th. Royal Bank Of Canada upped their price objective on Northern Oil and Gas from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Weiss Ratings lowered Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Finally, Bank of America raised their target price on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.88.

Northern Oil and Gas Trading Down 7.1%

The firm has a 50-day moving average of $22.82 and a 200 day moving average of $24.46. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -2.80 and a beta of 0.68.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The company had revenue of $5.03 million during the quarter, compared to analyst estimates of $511.38 million. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm’s quarterly revenue was down 6.2% on a year-over-year basis. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 3.42 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 10.1%. The ex-dividend date of this dividend is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio is presently -28.26%.

Insider Buying and Selling

In related news, Director Bahram Akradi acquired 25,760 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the transaction, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOG. AQR Capital Management LLC raised its position in Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after buying an additional 14,492 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Northern Oil and Gas by 3.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after acquiring an additional 1,865 shares in the last quarter. Jones Financial Companies Lllp boosted its position in Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the period. Empowered Funds LLC boosted its position in Northern Oil and Gas by 5.0% during the 1st quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock worth $1,972,000 after acquiring an additional 3,124 shares during the period. Finally, Intech Investment Management LLC grew its stake in Northern Oil and Gas by 41.8% during the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after acquiring an additional 13,690 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.