Brokerages Set Northern Oil and Gas, Inc. (NYSE:NOG) Target Price at $32.38

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been assigned an average rating of “Hold” from the ten analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $32.3750.

Several research firms have issued reports on NOG. Bank of America boosted their price objective 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. Royal Bank Of Canada boosted their price objective on shares of 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. Morgan Stanley reissued an “underweight” rating and issued a $29.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Finally, Citigroup reduced their price target on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating for the company in a report on Tuesday, April 14th.

Institutional Investors Weigh In On Northern Oil and Gas

Several large investors have recently modified their holdings of NOG. Ascentis Independent Advisors bought a new stake in shares of Northern Oil and Gas in the 1st quarter valued at about $33,000. Jones Financial Companies Lllp raised its holdings in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd bought a new stake in shares of Northern Oil and Gas in the 4th quarter valued at about $43,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $19.40 on Tuesday. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -3.05 and a beta of 0.68. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. Northern Oil and Gas has a 1 year low of $18.75 and a 1 year high of $31.59. The firm has a 50-day moving average of $23.69 and a two-hundred day moving average of $24.65.

Northern Oil and Gas (NYSE:NOG) last released 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. The company had revenue of $5.03 million during 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 firm’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 EPS. On average, research analysts forecast that Northern Oil and Gas will post 3.42 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm 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. The ex-dividend date is Monday, June 29th. This represents a $1.80 annualized dividend and a dividend yield of 9.3%. Northern Oil and Gas’s payout ratio is currently -28.26%.

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.