Northern Oil and Gas (NYSE:NOG) Hits New 1-Year Low – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $17.76 and last traded at $17.8170, with a volume of 5970996 shares trading hands. The stock had previously closed at $19.17.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NOG. Johnson Rice cut Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a research note on Wednesday, May 20th. Weiss Ratings cut Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Raymond James Financial set a $30.00 target price on Northern Oil and Gas and gave the stock an “outperform” rating in a research report on Monday, June 15th. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday. Finally, Wall Street Zen downgraded shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.88.

Northern Oil and Gas Stock Performance

The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The company has a market cap of $1.91 billion, a price-to-earnings ratio of -2.75 and a beta of 0.70. The stock has a 50-day moving average price of $22.55 and a 200 day moving average price of $24.37.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The business had revenue of $5.03 million during the quarter, compared to analyst estimates of $511.38 million. During the same period in the previous year, the firm earned $1.33 EPS. Northern Oil and Gas’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, analysts anticipate that Northern Oil and Gas, Inc. will post 3.33 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 10.3%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio is -28.26%.

Insider Activity

In related news, Director Bahram Akradi acquired 25,760 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the acquisition, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NOG. NewEdge Advisors LLC boosted its holdings in Northern Oil and Gas by 1,621.9% during the first quarter. NewEdge Advisors LLC now owns 18,114 shares of the company’s stock worth $529,000 after purchasing an additional 17,062 shares during the last quarter. Bank of America Corp DE lifted its holdings in Northern Oil and Gas by 18.5% during the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock valued at $36,410,000 after purchasing an additional 194,861 shares during the last quarter. California State Teachers Retirement System lifted its holdings in Northern Oil and Gas by 25.1% during the 1st quarter. California State Teachers Retirement System now owns 110,016 shares of the company’s stock valued at $3,216,000 after purchasing an additional 22,102 shares during the last quarter. Empowered Funds LLC boosted its position in Northern Oil and Gas by 5.3% during the first quarter. Empowered Funds LLC now owns 403,127 shares of the company’s stock worth $11,783,000 after purchasing an additional 20,413 shares during the period. Finally, Maverick Capital Ltd. bought a new position in Northern Oil and Gas during the first quarter worth $602,000. 98.80% of the stock is currently owned by institutional investors.

About Northern Oil and Gas

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.