Analysts Set Northern Oil and Gas, Inc. (NYSE:NOG) Price Target at $31.88

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been assigned an average recommendation of “Hold” from the ten analysts that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $31.6250.

A number of equities research analysts recently commented on NOG shares. Bank of America lifted their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Johnson Rice lowered Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Wednesday, May 20th. Raymond James Financial reissued an “outperform” rating and issued a $28.00 target price on shares of Northern Oil and Gas in a research report on Wednesday. Citigroup lowered their target price on Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Finally, Royal Bank Of Canada upped their price target on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $20.35 on Friday. Northern Oil and Gas has a 52-week low of $17.18 and a 52-week high of $31.17. The company has a 50-day simple moving average of $20.93 and a 200 day simple moving average of $24.15. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The company has a market capitalization of $2.21 billion, a PE ratio of -3.19 and a beta of 0.69.

Northern Oil and Gas (NYSE:NOG) last released its earnings results 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. The firm had revenue of $5.03 million for the quarter, compared to analysts’ expectations of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The company’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.33 earnings per share. On average, research analysts predict that Northern Oil and Gas will post 3.22 EPS for the current year.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas’s payout ratio is currently -28.26%.

Insider Buying and Selling

In other Northern Oil and Gas news, Director Bahram Akradi acquired 25,760 shares of the company’s stock in a transaction on 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 directly owned 1,713,444 shares in the company, valued at $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Northern Oil and Gas by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock valued at $233,453,000 after buying an additional 141,499 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Northern Oil and Gas by 7.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,450,294 shares of the company’s stock valued at $31,138,000 after buying an additional 105,876 shares in the last quarter. Bank of America Corp DE grew its stake in Northern Oil and Gas by 18.5% in 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 buying an additional 194,861 shares in the last quarter. Deprince Race & Zollo Inc. bought a new stake in Northern Oil and Gas during the 4th quarter valued at $25,492,000. Finally, First Trust Advisors LP raised its holdings 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. Hedge funds and other institutional investors 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.