Northern Oil and Gas (NYSE:NOG) Given New $33.00 Price Target at Mizuho

Northern Oil and Gas (NYSE:NOG) had its price target reduced by Mizuho from $35.00 to $33.00 in a research report released on Tuesday,Benzinga reports. Mizuho currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on NOG. Royal Bank of Canada lowered their price target on Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Monday, April 14th. Truist Financial lifted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Citigroup decreased their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Finally, Morgan Stanley decreased their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas has a consensus rating of “Hold” and an average target price of $40.56.

Northern Oil and Gas Trading Up 5.0%

NYSE NOG opened at $29.61 on Tuesday. The stock’s 50-day simple moving average is $26.30 and its two-hundred day simple moving average is $33.90. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 5.76 and a beta of 1.47.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $602.10 million for the quarter, compared to the consensus estimate of $568.87 million. During the same quarter last year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was up 51.9% on a year-over-year basis. Research analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 6.08%. Northern Oil and Gas’s dividend payout ratio is presently 28.04%.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi purchased 40,000 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the acquisition, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Nicholas L. O’grady purchased 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the acquisition, 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 disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.

Institutional Trading of Northern Oil and Gas

Large investors have recently bought and sold shares of the company. Pinnacle Holdings LLC bought a new stake in Northern Oil and Gas during the 1st quarter valued at approximately $28,000. Headlands Technologies LLC bought a new stake in Northern Oil and Gas during the 4th quarter valued at approximately $29,000. Signaturefd LLC boosted its position in Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock valued at $33,000 after acquiring an additional 405 shares in the last quarter. Byrne Asset Management LLC boosted its position in Northern Oil and Gas by 54.9% during the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock valued at $41,000 after acquiring an additional 483 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after acquiring an additional 801 shares in the last quarter. 98.80% of the stock is owned by institutional investors.

About Northern Oil and Gas

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.