Northern Oil and Gas (NYSE:NOG) Sets New 12-Month Low – Here’s What Happened

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) reached a new 52-week low on Friday . The company traded as low as $33.02 and last traded at $33.18, with a volume of 985984 shares trading hands. The stock had previously closed at $35.38.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NOG. Piper Sandler lowered their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday. Truist Financial lifted their price objective on 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. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research note on Monday, December 16th. Finally, Royal Bank of Canada decreased their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $47.44.

Northern Oil and Gas Trading Down 6.7 %

The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The stock has a 50 day simple moving average of $37.47 and a 200-day simple moving average of $38.27. The firm has a market cap of $3.29 billion, a P/E ratio of 6.42 and a beta of 1.81.

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

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a $0.45 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 5.45%. Northern Oil and Gas’s payout ratio is presently 32.68%.

Insiders Place Their Bets

In other news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on 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 owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Avior Wealth Management LLC boosted its holdings in shares of 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 purchasing an additional 259 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Northern Oil and Gas by 9.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock worth $129,000 after purchasing an additional 289 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Northern Oil and Gas by 2.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock worth $487,000 after purchasing an additional 298 shares during the period. Summit Investment Advisors Inc. boosted its holdings in Northern Oil and Gas by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company’s stock valued at $386,000 after acquiring an additional 329 shares during the period. Finally, Legato Capital Management LLC boosted its holdings in Northern Oil and Gas by 5.8% during the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock valued at $237,000 after acquiring an additional 349 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, 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.