Analysts Set Northern Oil and Gas, Inc. (NYSE:NOG) PT at $30.14

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have received a consensus rating of “Hold” from the ten brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $29.2857.

Several brokerages recently commented on NOG. Citigroup cut their target price 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. Mizuho set a $29.00 price target on Northern Oil and Gas in a research note on Wednesday. Morgan Stanley set a $24.00 price target on Northern Oil and Gas and gave the stock an “underweight” rating in a report on Friday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Thursday. Finally, Royal Bank Of Canada dropped their target price on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday.

Institutional Trading of Northern Oil and Gas

Several large investors have recently made changes to their positions in NOG. DLD Asset Management LP raised its stake in Northern Oil and Gas by 42.9% during the 2nd quarter. DLD Asset Management LP now owns 25,000,000 shares of the company’s stock worth $708,750,000 after buying an additional 7,500,000 shares during the period. Dimensional Fund Advisors LP grew its stake in Northern Oil and Gas by 5.0% in the third quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock valued at $122,563,000 after acquiring an additional 235,869 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Northern Oil and Gas by 25.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,951,505 shares of the company’s stock valued at $56,867,000 after acquiring an additional 397,128 shares in the last quarter. Westfield Capital Management Co. LP raised its position in shares of Northern Oil and Gas by 9.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,899,017 shares of the company’s stock worth $47,096,000 after purchasing an additional 158,713 shares during the period. Finally, Channing Capital Management LLC raised its position in shares of Northern Oil and Gas by 15.7% during the third quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company’s stock worth $42,214,000 after purchasing an additional 230,899 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Up 0.4%

NOG opened at $23.43 on Friday. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $39.52. The company has a fifty day moving average of $22.32 and a 200-day moving average of $24.03. The stock has a market cap of $2.29 billion, a PE ratio of 13.24 and a beta of 0.98. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.05.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Thursday, November 6th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.21. Northern Oil and Gas had a net margin of 7.61% and a return on equity of 20.61%. The business had revenue of $556.64 million for the quarter, compared to analysts’ expectations of $528.36 million. During the same quarter in the prior year, the firm posted $1.40 earnings per share. The business’s quarterly revenue was down 26.1% compared to the same quarter last year. On average, sell-side analysts predict that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas Dividend Announcement

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

About Northern Oil and Gas

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.