Northern Oil and Gas (NYSE:NOG) Sets New 52-Week High After Strong Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) reached a new 52-week high on Tuesday following a better than expected earnings announcement. The stock traded as high as $43.75 and last traded at $42.09, with a volume of 288953 shares. The stock had previously closed at $43.54.

The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.18 by $0.10. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The company had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. During the same period in the prior year, the firm posted $1.76 earnings per share. The firm’s revenue was down 31.9% on a year-over-year basis.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 4.03%. Northern Oil and Gas’s dividend payout ratio is currently 25.93%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley upped their price target on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Citigroup reduced their price target on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Stifel Nicolaus increased their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Piper Sandler lifted their price objective on shares of Northern Oil and Gas from $38.00 to $42.00 and gave the company a “neutral” rating in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.40.

Insider Transactions at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the transaction, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the sale, the chief executive officer now owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,944 shares of company stock valued at $436,614. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after purchasing an additional 2,827,642 shares during the last quarter. Invesco Ltd. grew its position in shares of Northern Oil and Gas by 19.0% during the 3rd quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after buying an additional 605,197 shares during the last quarter. American Century Companies Inc. raised its stake in Northern Oil and Gas by 27.0% during the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after acquiring an additional 545,297 shares during the period. Capstone Investment Advisors LLC lifted its holdings in Northern Oil and Gas by 8,679.3% in the first quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock worth $20,355,000 after acquiring an additional 507,129 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 30.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,375,710 shares of the company’s stock valued at $51,001,000 after acquiring an additional 324,958 shares during the period. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Stock Performance

The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The stock has a 50 day simple moving average of $39.38 and a 200 day simple moving average of $37.35. The company has a market capitalization of $4.01 billion, a price-to-earnings ratio of 6.43 and a beta of 1.84.

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.