Northern Oil and Gas, Inc. (NYSE:NOG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Northern Oil and Gas, Inc. (NYSE:NOG) has been given a consensus rating of “Moderate Buy” by the eleven ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $47.70.

NOG has been the subject of a number of recent research reports. StockNews.com cut Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Truist Financial lifted their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Piper Sandler reduced their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Finally, Bank of America boosted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th.

Northern Oil and Gas Trading Up 3.5 %

NYSE:NOG opened at $35.17 on Friday. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $43.80. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 5.70 and a beta of 1.81. The stock has a fifty day moving average price of $37.85 and a two-hundred day moving average price of $39.10. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The business had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $1.49 earnings per share. As a group, sell-side analysts anticipate that Northern Oil and Gas will post 5.29 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 4.78%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is currently 25.93%.

Insider Activity at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at $4,076,948.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now directly owns 107,628 shares in the company, valued at $4,076,948.64. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after buying an additional 528 shares during the period. TFO Wealth Partners LLC raised its position in Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after buying an additional 1,121 shares during the period. Quarry LP raised its position in Northern Oil and Gas by 338.8% during the second quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after buying an additional 874 shares during the period. Fifth Third Bancorp raised its position in Northern Oil and Gas by 88.2% during the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after buying an additional 1,033 shares during the period. Finally, Marks Group Wealth Management Inc acquired a new position in Northern Oil and Gas during the first quarter valued at $215,000. 98.80% of the stock is owned by institutional investors and hedge funds.

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.