Northern Oil and Gas (NYSE:NOG) Stock Rating Raised to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Northern Oil and Gas (NYSE:NOG) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks reports.

A number of other equities research analysts have also recently weighed in on the company. Weiss Ratings raised Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, October 30th. Scotiabank started coverage on Northern Oil and Gas in a research note on Wednesday, October 14th. They set a “sector perform” rating and a $27.00 target price on the stock. Wall Street Zen raised Northern Oil and Gas from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Mizuho boosted their price target on shares of Northern Oil and Gas from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 14th. Finally, Raymond James Financial reissued an “outperform” rating and set a $34.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, October 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Hold” and a consensus target price of $31.56.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $23.40 on Monday. The firm’s 50 day moving average price is $25.35 and its 200-day moving average price is $24.54. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.80 and a current ratio of 0.59. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17. The firm has a market cap of $2.48 billion, a P/E ratio of -4.77 and a beta of 0.85.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Thursday, November 5th. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.23. The firm had revenue of $345.91 million during the quarter, compared to the consensus estimate of $617.68 million. Northern Oil and Gas had a negative net margin of 27.47% and a positive return on equity of 21.81%. The firm’s revenue for the quarter was up 45.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.03 EPS. As a group, equities research analysts predict that Northern Oil and Gas will post 3.84 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 29th. Stockholders of record on Wednesday, December 30th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, December 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.7%. Northern Oil and Gas’s dividend payout ratio is currently -36.66%.

Institutional Trading of Northern Oil and Gas

Several hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC acquired a new position in Northern Oil and Gas during the 3rd quarter worth $28,000. Triumph Capital Management raised its position in Northern Oil and Gas by 77.8% in the 3rd quarter. Triumph Capital Management now owns 1,600 shares of the company’s stock valued at $37,000 after purchasing an additional 700 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in Northern Oil and Gas in the 2nd quarter valued at about $29,000. Allworth Financial LP purchased a new position in shares of Northern Oil and Gas in the 2nd quarter valued at about $31,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Northern Oil and Gas by 41.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,751 shares of the company’s stock valued at $40,000 after buying an additional 511 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

About Northern Oil and Gas

Northern Oil and Gas, Inc. is an independent energy company that acquires interests in oil and natural gas properties across the United States. It primarily holds non-operated working interests, partnering with other companies that manage drilling and production activities. The company’s portfolio spans several major U.S. producing regions, including the Williston, Permian, Appalachian and Uinta basins. Its interests include properties producing crude oil, natural gas and natural gas liquids. Founded in 2006, Northern Oil and Gas initially focused on the Williston Basin.