Northern Oil and Gas (NYSE:NOG) Reaches New 1-Year Low – Here’s What Happened

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price hit a new 52-week low during trading on Monday . The company traded as low as $17.22 and last traded at $17.3560, with a volume of 438085 shares. The stock had previously closed at $17.95.

Wall Street Analyst Weigh In

NOG has been the topic of several recent research reports. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Weiss Ratings lowered Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Bank of America increased their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Raymond James Financial set a $30.00 price objective on shares of Northern Oil and Gas and gave the stock an “outperform” rating in a research report on Monday, June 15th. Finally, Piper Sandler boosted their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Northern Oil and Gas has an average rating of “Hold” and a consensus price target of $31.88.

Northern Oil and Gas Trading Down 2.3%

The stock’s fifty day simple moving average is $22.22 and its 200-day simple moving average is $24.30. 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 firm has a market cap of $1.91 billion, a PE ratio of -2.76 and a beta of 0.69.

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

Northern Oil and Gas Announces Dividend

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

Insiders Place Their Bets

In other news, Director Bahram Akradi acquired 25,760 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the acquisition, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of the company. Deprince Race & Zollo Inc. acquired a new position in Northern Oil and Gas in the 4th quarter worth approximately $25,492,000. First Trust Advisors LP lifted its stake in Northern Oil and Gas by 116.8% during the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company’s stock valued at $34,140,000 after acquiring an additional 629,197 shares during the period. Bridgeway Capital Management LLC acquired a new stake in Northern Oil and Gas during the 3rd quarter valued at approximately $11,295,000. SG Americas Securities LLC boosted its holdings in shares of Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock valued at $9,056,000 after acquiring an additional 351,490 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new stake in shares of Northern Oil and Gas in the 1st quarter valued at $8,115,000. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

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.