Northern Oil and Gas (NYSE:NOG) Stock Price Down 4.9% – Here’s Why

Northern Oil and Gas, Inc. (NYSE:NOG) shares were down 4.9% during trading on Thursday . The stock traded as low as $23.26 and last traded at $23.4030. Approximately 1,168,273 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 1,905,267 shares. The stock had previously closed at $24.62.

Analyst Ratings Changes

NOG has been the topic of several analyst reports. William Blair assumed coverage on shares of Northern Oil and Gas in a research report on Monday, August 25th. They issued an “outperform” rating on the stock. Morgan Stanley reiterated an “underweight” rating and set a $26.00 price objective (down from $27.00) on shares of Northern Oil and Gas in a research report on Tuesday, October 14th. Citigroup dropped their price target on Northern Oil and Gas from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Wednesday, October 8th. Finally, Mizuho reduced their price target on Northern Oil and Gas from $32.00 to $28.00 and set a “neutral” rating for the company in a report on Monday, September 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $33.00.

Northern Oil and Gas Trading Down 5.2%

The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.05. The stock has a market cap of $2.28 billion, a P/E ratio of 13.19 and a beta of 1.05. The business’s fifty day simple moving average is $22.50 and its 200 day simple moving average is $25.64.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Monday, March 6th. The company reported $1.06 earnings per share (EPS) for the quarter. Northern Oil and Gas had a net margin of 7.61% and a return on equity of 20.61%. The company had revenue of $319.19 million during the quarter. As a group, analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Tuesday, December 30th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 7.7%. The ex-dividend date is Tuesday, December 30th. Northern Oil and Gas’s payout ratio is currently 101.69%.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in NOG. DLD Asset Management LP grew its holdings in shares of Northern Oil and Gas by 42.9% during the second quarter. DLD Asset Management LP now owns 25,000,000 shares of the company’s stock valued at $708,750,000 after buying an additional 7,500,000 shares during the last quarter. Nuveen LLC purchased a new position in shares of Northern Oil and Gas in the first quarter worth approximately $36,288,000. Dimensional Fund Advisors LP grew its position in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company’s stock valued at $129,939,000 after acquiring an additional 1,001,493 shares during the period. Tributary Capital Management LLC raised its holdings in Northern Oil and Gas by 146.3% in the 3rd quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock worth $32,544,000 after purchasing an additional 779,492 shares during the period. Finally, BW Gestao de Investimentos Ltda. purchased a new position in Northern Oil and Gas during the first quarter valued at $14,137,000. 98.80% of the stock is currently 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.