Northern Oil and Gas (NYSE:NOG) Given New $41.00 Price Target at Bank of America

Northern Oil and Gas (NYSE:NOG) had its price target lowered by Bank of America from $48.00 to $41.00 in a research note issued to investors on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research analysts also recently commented on NOG. Citigroup decreased their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Truist Financial boosted their price objective 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. Piper Sandler dropped their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Morgan Stanley reduced their price target 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. Finally, Royal Bank of Canada lowered their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Hold” and an average price target of $45.44.

Northern Oil and Gas Stock Down 1.3 %

Shares of NYSE:NOG opened at $29.82 on Tuesday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 5.80 and a beta of 1.84. The stock’s 50-day moving average price is $32.79 and its 200-day moving average price is $36.79. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. Northern Oil and Gas has a 12-month low of $26.60 and a 12-month high of $44.31.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). The company had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. On average, equities analysts anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas announced that its board has authorized a share buyback program on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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 represents a $1.80 dividend on an annualized basis and a dividend yield of 6.04%. The ex-dividend date is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Insider Activity at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady bought 1,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the purchase, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

Institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in shares of Northern Oil and Gas in the 3rd quarter worth $25,000. Headlands Technologies LLC purchased a new stake in shares of Northern Oil and Gas during the fourth quarter valued at $29,000. Blue Trust Inc. increased its holdings in Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after buying an additional 801 shares in the last quarter. Avior Wealth Management LLC raised its position in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after buying an additional 259 shares during the last quarter. Finally, SBI Securities Co. Ltd. bought a new position in Northern Oil and Gas during the 4th quarter valued at about $66,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.