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

Northern Oil and Gas, Inc. (NYSE:NOG) has been given an average rating of “Moderate Buy” by the ten analysts that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $46.89.

A number of research analysts have recently issued reports on NOG shares. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Royal Bank of Canada dropped their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Piper Sandler dropped their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Finally, Truist Financial boosted their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th.

Northern Oil and Gas Trading Down 2.5 %

NOG opened at $30.02 on Friday. Northern Oil and Gas has a fifty-two week low of $26.60 and a fifty-two week high of $44.31. 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 firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 5.84 and a beta of 1.84. The company’s 50 day moving average price is $34.33 and its two-hundred day moving average price is $36.99.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The firm had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. As a group, research analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a $0.45 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 6.00%. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

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

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the acquisition, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. This represents a 2.47 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O’grady purchased 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, the chief executive officer now owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in Northern Oil and Gas by 3.1% in the fourth quarter. California State Teachers Retirement System now owns 89,279 shares of the company’s stock valued at $3,318,000 after purchasing an additional 2,643 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Northern Oil and Gas by 13.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,956 shares of the company’s stock valued at $370,000 after acquiring an additional 1,201 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Northern Oil and Gas in the fourth quarter valued at $1,128,000. GTS Securities LLC boosted its holdings in Northern Oil and Gas by 238.2% in the fourth quarter. GTS Securities LLC now owns 22,318 shares of the company’s stock valued at $829,000 after acquiring an additional 15,718 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Northern Oil and Gas in the 4th quarter worth about $1,683,000. 98.80% of the stock is owned by hedge funds and other 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.