Northern Oil and Gas, Inc. (NYSE:NOG) Stock Has Average Target Price of $31.00 According to Analysts

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have been given an average recommendation of “Hold” by the nine brokerages that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $31.00.

NOG has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Mizuho upgraded Northern Oil and Gas to a “hold” rating in a research report on Friday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and issued a $31.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research note on Thursday, September 10th. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a report on Monday, June 29th. Finally, Citigroup reduced their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th.

Northern Oil and Gas Trading Down 2.2%

Shares of NOG stock opened at $22.70 on Friday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. Northern Oil and Gas has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The stock has a 50 day simple moving average of $24.12 and a two-hundred day simple moving average of $23.86. The company has a market cap of $2.42 billion, a P/E ratio of -4.38 and a beta of 0.73.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The company had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. During the same period in the prior year, the company earned $1.37 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. Research analysts forecast that Northern Oil and Gas will post 3.63 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.9%. Northern Oil and Gas’s payout ratio is presently -34.75%.

Hedge Funds Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of NOG. The Manufacturers Life Insurance Company increased its position in Northern Oil and Gas by 23.4% in the second quarter. The Manufacturers Life Insurance Company now owns 50,521 shares of the company’s stock worth $917,000 after purchasing an additional 9,594 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Northern Oil and Gas in the second quarter worth about $279,000. Tidal Investments LLC grew its position in Northern Oil and Gas by 16.1% in the second quarter. Tidal Investments LLC now owns 48,313 shares of the company’s stock worth $877,000 after acquiring an additional 6,712 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Northern Oil and Gas during the second quarter worth approximately $1,330,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Northern Oil and Gas during the second quarter valued at approximately $105,000. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company’s portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.