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

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) hit a new 52-week low during trading on Wednesday . The company traded as low as $26.82 and last traded at $27.60, with a volume of 3186082 shares trading hands. The stock had previously closed at $28.42.

Analysts Set New Price Targets

A number of analysts have recently commented on NOG shares. Citigroup cut their price target on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Truist Financial lifted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Monday, December 16th. Royal Bank of Canada dropped 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 note on Thursday, February 13th. Finally, Morgan Stanley set a $43.00 price target on Northern Oil and Gas in a research note on Wednesday, January 22nd. One equities 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 stock. According to data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus price target of $46.89.

Northern Oil and Gas Price Performance

The business has a fifty day moving average of $36.65 and a 200-day moving average of $37.92. The firm has a market cap of $2.74 billion, a PE ratio of 5.37 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 for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. As a group, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The business also recently declared 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 represents a $1.80 annualized dividend and a yield of 6.52%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Insider Buying and Selling

In other Northern Oil and Gas news, Director Bahram Akradi acquired 40,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was acquired at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the acquisition, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. This represents a 2.47 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 836 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were 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 of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of NOG. Legacy Investment Solutions LLC bought a new stake in shares of Northern Oil and Gas in the 3rd quarter worth $25,000. Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas in the 4th quarter worth $29,000. Blue Trust Inc. increased its holdings in shares of Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after purchasing an additional 801 shares in the last quarter. Avior Wealth Management LLC increased 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 in the last quarter. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Northern Oil and Gas in the 4th quarter worth $66,000. 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.