Northern Oil and Gas (NYSE:NOG) Shares Down 5.2% – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price dropped 5.2% during mid-day trading on Wednesday . The company traded as low as $25.95 and last traded at $25.72. Approximately 350,611 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,642,565 shares. The stock had previously closed at $27.12.

Analysts Set New Price Targets

NOG has been the topic of a number of recent analyst reports. Wall Street Zen raised Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Morgan Stanley set a $25.00 target price on Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th. Raymond James Financial reaffirmed an “outperform” rating and set a $31.00 target price (up from $28.00) on shares of Northern Oil and Gas in a research note on Thursday, September 10th. Citigroup reduced their price target on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Finally, Weiss Ratings raised Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.00.

Northern Oil and Gas Price Performance

The business has a 50-day simple moving average of $23.41 and a two-hundred day simple moving average of $24.16. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of -4.95 and a beta of 0.73.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The firm had revenue of $745.24 million for the quarter, compared to analyst estimates of $594.09 million. During the same period in the previous year, the firm earned $1.37 earnings per share. Northern Oil and Gas’s revenue was up 5.4% on a year-over-year basis. As a group, research analysts predict that Northern Oil and Gas, Inc. will post 3.63 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 annualized dividend and a yield of 7.0%. Northern Oil and Gas’s payout ratio is -34.75%.

Insider Activity

In related news, Director Bahram Akradi acquired 25,760 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the transaction, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds have recently modified their holdings of NOG. Transamerica Financial Advisors LLC raised its position in shares of Northern Oil and Gas by 22.1% during the second quarter. Transamerica Financial Advisors LLC now owns 2,242 shares of the company’s stock worth $42,000 after purchasing an additional 406 shares during the period. Van Den Berg Management I Inc. raised its holdings in Northern Oil and Gas by 1.0% during the 2nd quarter. Van Den Berg Management I Inc. now owns 42,782 shares of the company’s stock worth $776,000 after buying an additional 439 shares during the period. Isthmus Partners LLC lifted its stake in Northern Oil and Gas by 0.8% in the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock valued at $2,407,000 after buying an additional 619 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Northern Oil and Gas by 58.6% in the second quarter. IFP Advisors Inc now owns 1,903 shares of the company’s stock valued at $35,000 after buying an additional 703 shares during the period. Finally, Epiq Partners LLC increased its position in shares of Northern Oil and Gas by 1.2% during the second quarter. Epiq Partners LLC now owns 66,452 shares of the company’s stock worth $1,206,000 after acquiring an additional 764 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

About Northern Oil and Gas

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company’s portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.