Brokerages Set Northern Oil and Gas, Inc. (NYSE:NOG) PT at $46.89

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been assigned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $46.33.

Several equities research analysts have recently issued reports on NOG shares. Morgan Stanley lowered their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday. Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Piper Sandler lowered their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. Royal Bank of Canada reduced their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Finally, Truist Financial raised their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th.

Insider Buying and Selling

In other Northern Oil and Gas news, CEO Nicholas L. O’grady bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was acquired at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the acquisition, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. The trade was a 2.47 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in shares of Northern Oil and Gas in the 4th quarter valued at $21,691,000. Channing Capital Management LLC increased its holdings in Northern Oil and Gas by 26.8% in the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after buying an additional 373,917 shares in the last quarter. Bridgewater Associates LP raised its position in shares of Northern Oil and Gas by 135.6% in the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after acquiring an additional 294,223 shares during the period. American Century Companies Inc. boosted its stake in shares of Northern Oil and Gas by 3.9% during the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after acquiring an additional 243,531 shares in the last quarter. Finally, Natixis acquired a new stake in shares of Northern Oil and Gas during the 4th quarter valued at about $7,503,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $30.83 on Friday. Northern Oil and Gas has a 52 week low of $26.60 and a 52 week high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 6.00 and a beta of 1.84. The stock’s 50-day simple moving average is $33.48 and its 200-day simple moving average is $36.84.

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. As a group, analysts expect that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas announced that its board has approved a share buyback program on Tuesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be issued a $0.45 dividend. The ex-dividend date is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.84%. Northern Oil and Gas’s dividend payout ratio is currently 35.02%.

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.