Northern Oil and Gas, Inc. (NYSE:NOG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have received an average rating of “Moderate Buy” from the ten research firms that are presently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $46.89.

Several research analysts have recently commented on NOG shares. Citigroup decreased their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Royal Bank of Canada decreased their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Piper Sandler decreased their price target on shares of 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. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a report on Monday, December 16th. Finally, Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st.

Insider Transactions at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 40,000 shares of Northern Oil and Gas stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently made changes to their positions in NOG. Raymond James Financial Inc. acquired a new stake in shares of Northern Oil and Gas in the 4th quarter worth approximately $21,691,000. abrdn plc bought a new stake in shares of Northern Oil and Gas in the 3rd quarter worth approximately $17,096,000. Channing Capital Management LLC raised its holdings in shares of Northern Oil and Gas by 26.8% in the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after purchasing an additional 373,917 shares in the last quarter. Bridgewater Associates LP raised its holdings in shares of Northern Oil and Gas by 135.6% in the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after purchasing an additional 294,223 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of Northern Oil and Gas by 41.4% in the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after purchasing an additional 275,704 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

NOG opened at $27.60 on Wednesday. The company has a 50-day moving average of $36.65 and a 200-day moving average of $37.92. The company has a market capitalization of $2.74 billion, a P/E ratio of 5.37 and a beta of 1.81. Northern Oil and Gas has a 1-year low of $26.82 and a 1-year high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Equities analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.52%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s payout ratio is presently 35.02%.

Northern Oil and Gas Company Profile

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.