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

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday. Truist Financial upped their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Royal Bank of Canada lowered their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Finally, Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $47.44.

Northern Oil and Gas Stock Down 6.7 %

The company has a 50-day moving average of $37.47 and a 200-day moving average of $38.27. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 6.42 and a beta of 1.81. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02.

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

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given a dividend of $0.45 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 5.45%. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is currently 32.68%.

Insider Activity at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Northern Oil and Gas by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock worth $418,916,000 after buying an additional 166,501 shares during the last quarter. American Century Companies Inc. boosted its position in Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after purchasing an additional 243,531 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Northern Oil and Gas by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company’s stock worth $122,507,000 after purchasing an additional 68,631 shares in the last quarter. Geode Capital Management LLC boosted its position in Northern Oil and Gas by 4.6% during the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after purchasing an additional 100,761 shares in the last quarter. Finally, Copeland Capital Management LLC boosted its position in Northern Oil and Gas by 0.9% during the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after purchasing an additional 18,195 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

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.