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

Northern Oil and Gas, Inc. (NYSE:NOG) has received a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $39.67.

A number of research firms recently issued reports on NOG. Raymond James restated a “strong-buy” rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Morgan Stanley reduced 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 research note on Thursday, March 27th. Mizuho reduced their target price on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Piper Sandler reduced their target price on shares of Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently bought and sold shares of the stock. Pinnacle Holdings LLC bought a new stake in Northern Oil and Gas during the first quarter valued at approximately $28,000. Headlands Technologies LLC bought a new stake in Northern Oil and Gas during the fourth quarter valued at approximately $29,000. Signaturefd LLC lifted its position in Northern Oil and Gas by 60.0% during the first quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock valued at $33,000 after purchasing an additional 405 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its position in Northern Oil and Gas by 54.9% during the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock valued at $41,000 after purchasing an additional 483 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Stock Up 0.2%

NOG opened at $31.16 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The company’s 50-day moving average is $26.01 and its 200 day moving average is $32.21. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The firm has a market capitalization of $3.08 billion, a P/E ratio of 6.06 and a beta of 1.51.

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 net margin of 23.38% and a return on equity of 24.41%. The company had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. During the same period last year, the firm earned $1.28 earnings per share. The firm’s revenue was up 51.9% on a year-over-year basis. Research analysts expect that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

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

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 5.78%. Northern Oil and Gas’s dividend payout ratio is currently 28.04%.

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.