Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month Low – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG) shares reached a new 52-week low on Thursday . The company traded as low as $19.25 and last traded at $19.3270, with a volume of 3809903 shares changing hands. The stock had previously closed at $19.72.

Analyst Ratings Changes

NOG has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Johnson Rice cut shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price on the stock. in a research note on Wednesday, May 20th. Weiss Ratings cut shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Royal Bank Of Canada boosted their target price on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Finally, Raymond James Financial set a $30.00 target price on shares of Northern Oil and Gas and gave the company an “outperform” rating in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.38.

Northern Oil and Gas Trading Down 2.0%

The firm’s 50-day moving average price is $24.07 and its 200-day moving average price is $24.71. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. The company has a market cap of $2.10 billion, a P/E ratio of -3.03 and a beta of 0.68.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The company had revenue of $5.03 million for the quarter, compared to analyst estimates of $511.38 million. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 annualized dividend and a dividend yield of 9.3%. Northern Oil and Gas’s payout ratio is -28.26%.

Institutional Trading of Northern Oil and Gas

Several hedge funds and other institutional investors have recently modified their holdings of NOG. Deprince Race & Zollo Inc. bought a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $25,492,000. First Trust Advisors LP raised its position in shares of Northern Oil and Gas by 116.8% in the first quarter. First Trust Advisors LP now owns 1,167,971 shares of the company’s stock valued at $34,140,000 after purchasing an additional 629,197 shares during the period. Bridgeway Capital Management LLC bought a new stake in shares of Northern Oil and Gas in the third quarter valued at approximately $11,295,000. SG Americas Securities LLC raised its position in shares of Northern Oil and Gas by 499.9% in the fourth quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock valued at $9,056,000 after purchasing an additional 351,490 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of Northern Oil and Gas in the first quarter valued at approximately $8,115,000. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

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.