Northern Oil and Gas (NYSE:NOG) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Northern Oil and Gas (NYSE:NOG) in a report issued on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has a $46.00 price objective on the stock.

Other research analysts also recently issued research reports about the stock. Piper Sandler increased their price objective on shares of Northern Oil and Gas from $42.00 to $43.00 and gave the company a neutral rating in a report on Tuesday, May 14th. Morgan Stanley lifted their price objective on Northern Oil and Gas from $38.00 to $41.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. StockNews.com upgraded Northern Oil and Gas from a sell rating to a hold rating in a research report on Thursday, May 2nd. Truist Financial boosted their price target on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. Finally, Citigroup lowered their price objective on shares of Northern Oil and Gas from $55.00 to $50.00 and set a buy rating for the company in a research report on Friday, May 3rd. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Northern Oil and Gas has a consensus rating of Moderate Buy and a consensus target price of $48.90.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $38.86 on Wednesday. The stock has a 50-day moving average price of $39.26 and a 200 day moving average price of $37.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.75. The stock has a market capitalization of $3.93 billion, a P/E ratio of 6.30 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The business had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. During the same period last year, the firm posted $1.76 EPS. The company’s revenue was down 31.9% on a year-over-year basis. Equities research analysts forecast that Northern Oil and Gas will post 5.01 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 25.93%.

Insiders Place Their Bets

In other news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $40.86, for a total transaction of $56,877.12. Following the transaction, the president now owns 109,020 shares of the company’s stock, valued at $4,454,557.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the sale, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $40.86, for a total transaction of $56,877.12. Following the completion of the transaction, the president now owns 109,020 shares in the company, valued at $4,454,557.20. The disclosure for this sale can be found here. Insiders sold a total of 5,934 shares of company stock valued at $241,906 over the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Large investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after purchasing an additional 528 shares in the last quarter. TFO Wealth Partners LLC raised its holdings in shares of Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after acquiring an additional 1,121 shares in the last quarter. Principal Securities Inc. purchased a new stake in Northern Oil and Gas in the fourth quarter worth about $42,000. SRS Capital Advisors Inc. lifted its stake in Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after acquiring an additional 927 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Northern Oil and Gas by 74.7% during the 4th quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock valued at $81,000 after purchasing an additional 930 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.