Northern Oil and Gas (NYSE:NOG) Lowered to “Neutral” Rating by Mizuho

Mizuho lowered shares of Northern Oil and Gas (NYSE:NOG) from an outperform rating to a neutral rating in a research note released on Monday morning, MarketBeat reports. The firm currently has $47.00 target price on the stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group assumed coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Truist Financial raised their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Piper Sandler increased their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. Finally, Royal Bank of Canada cut Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $43.00 to $45.00 in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.20.

Northern Oil and Gas Trading Down 4.4 %

NOG opened at $36.81 on Monday. The company’s 50-day moving average is $39.84 and its 200 day moving average is $38.72. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $44.31. The firm has a market capitalization of $3.67 billion, a PE ratio of 4.42 and a beta of 1.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. During the same period last year, the business posted $1.73 earnings per share. The business’s revenue for the quarter was up 140.0% on a year-over-year basis. As a group, research analysts predict that Northern Oil and Gas will post 5.4 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, December 30th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.68 annualized dividend and a dividend yield of 4.56%. Northern Oil and Gas’s payout ratio is presently 20.17%.

Insider Transactions at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Chad W. Allen sold 1,500 shares of Northern Oil and Gas stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,508 shares of company stock valued at $248,113 in the last quarter. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors have recently modified their holdings of NOG. Dimensional Fund Advisors LP raised its position in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after purchasing an additional 552,645 shares during the last quarter. abrdn plc bought a new position in Northern Oil and Gas during the third quarter valued at approximately $17,096,000. Bridgewater Associates LP boosted its holdings in Northern Oil and Gas by 135.6% in the third 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 during the last quarter. Finally, New York State Common Retirement Fund grew its position in 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 during the period. 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.