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

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $46.89.

Several research firms have recently commented on NOG. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a research note on Monday, December 16th. 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. Morgan Stanley set a $43.00 price objective on Northern Oil and Gas in a report on Wednesday, January 22nd. Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Finally, Truist Financial increased their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th.

Northern Oil and Gas Trading Down 0.8 %

Shares of NOG opened at $30.70 on Friday. The stock has a fifty day moving average price of $33.92 and a two-hundred day moving average price of $36.93. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 5.97 and a beta of 1.84. Northern Oil and Gas has a 52-week low of $26.60 and a 52-week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly 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 return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $545.47 million for the quarter, compared to analyst estimates of $552.34 million. Analysts predict that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its board has authorized a share repurchase plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.86%. 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. Northern Oil and Gas’s payout ratio is currently 35.02%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the stock in a transaction 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 sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bahram Akradi acquired 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the purchase, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Icon Wealth Advisors LLC acquired a new position in shares of Northern Oil and Gas in the third quarter valued at $828,000. Smartleaf Asset Management LLC lifted its position in Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock worth $77,000 after acquiring an additional 1,570 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Northern Oil and Gas by 2.5% during the fourth quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock worth $17,904,000 after acquiring an additional 11,690 shares during the period. State of Alaska Department of Revenue grew its position in shares of Northern Oil and Gas by 36.1% in the fourth quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock valued at $2,877,000 after purchasing an additional 20,550 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Northern Oil and Gas during the fourth quarter worth approximately $909,000. 98.80% of the stock is currently owned by institutional investors.

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.