Northern Oil and Gas (NYSE:NOG) Price Target Cut to $29.00 by Analysts at Mizuho

Northern Oil and Gas (NYSE:NOG) had its target price lowered by Mizuho from $31.00 to $29.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the stock.

A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday, June 29th. Bank of America raised their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Raymond James Financial set a $30.00 price objective on Northern Oil and Gas and gave the company an “outperform” rating in a research note on Monday, June 15th. Finally, Royal Bank Of Canada boosted their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.88.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $20.17 on Tuesday. The stock’s 50-day moving average is $21.09 and its two-hundred day moving average is $24.16. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -3.17 and a beta of 0.69. Northern Oil and Gas has a 1 year low of $17.18 and a 1 year high of $31.17. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The business’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.33 EPS. Analysts predict that Northern Oil and Gas will post 3.22 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 annualized dividend and a yield of 8.9%. Northern Oil and Gas’s dividend payout ratio is -28.26%.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi purchased 25,760 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This represents a 1.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp lifted its holdings in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Ascentis Independent Advisors acquired a new position in shares of Northern Oil and Gas during the 1st quarter worth approximately $33,000. EverSource Wealth Advisors LLC lifted its stake in Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after buying an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Northern Oil and Gas by 85.7% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock valued at $44,000 after buying an additional 702 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after buying an additional 1,432 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.