Northern Oil and Gas (NYSE:NOG) Sets New 52-Week Low – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Truist Financial lifted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Morgan Stanley dropped their target price on shares of Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Royal Bank of Canada dropped their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Finally, Piper Sandler cut their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $45.44.

Northern Oil and Gas Trading Down 10.1 %

The business has a 50 day simple moving average of $32.05 and a two-hundred day simple moving average of $36.60. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The company has a market cap of $2.31 billion, a PE ratio of 4.54 and a beta of 1.49.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $552.34 million. On average, analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

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

Northern Oil and Gas declared that its Board of Directors has authorized a stock repurchase program on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Northern Oil and Gas news, CEO Nicholas L. O’grady bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, with a total value of $27,480.00. Following the transaction, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on 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 in the company, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of Northern Oil and Gas during the fourth quarter worth about $21,691,000. Channing Capital Management LLC raised its holdings in shares of Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after buying an additional 373,917 shares during the period. American Century Companies Inc. raised its holdings in shares of Northern Oil and Gas by 3.9% during the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after buying an additional 243,531 shares during the period. Natixis purchased a new position in Northern Oil and Gas in the 4th quarter worth approximately $7,503,000. Finally, Ninepoint Partners LP purchased a new position in Northern Oil and Gas in the 4th quarter worth approximately $7,432,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.