Northern Oil and Gas (NYSE:NOG) Price Target Cut to $41.00 by Analysts at Bank of America

Northern Oil and Gas (NYSE:NOG - Free Report) had its price objective lowered by Bank of America from $48.00 to $41.00 in a research note released on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on NOG. Royal Bank of Canada reduced their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a research note on Thursday, February 13th. Citigroup reduced their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Truist Financial upped their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Morgan Stanley decreased their target price on shares of Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Finally, Piper Sandler dropped their price target on shares of Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.44.

Northern Oil and Gas Trading Down 10.1 %

Shares of NOG traded down $2.62 during midday trading on Tuesday, hitting $23.35. The stock had a trading volume of 5,350,975 shares, compared to its average volume of 1,444,901. The business has a 50-day simple moving average of $32.05 and a two-hundred day simple moving average of $36.60. The firm has a market cap of $2.31 billion, a P/E ratio of 4.54 and a beta of 1.49. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. Northern Oil and Gas has a fifty-two week low of $22.50 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. As a group, equities analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, March 28th. This is a positive change from Northern Oil and Gas's previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.71%. Northern Oil and Gas's payout ratio is 35.02%.

Northern Oil and Gas declared that its Board of Directors has initiated a share buyback program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the business's stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now directly owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nicholas L. O'grady acquired 1,000 shares of Northern Oil and Gas stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, with a total value of $27,480.00. Following the transaction, the chief executive officer now directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC boosted its position in shares of Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock valued at $51,000 after acquiring an additional 259 shares in the last quarter. First Horizon Advisors Inc. lifted its stake in Northern Oil and Gas by 9.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company's stock worth $129,000 after purchasing an additional 289 shares during the period. Avantax Advisory Services Inc. boosted its holdings in Northern Oil and Gas by 2.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company's stock valued at $487,000 after purchasing an additional 298 shares in the last quarter. Summit Investment Advisors Inc. grew its position in Northern Oil and Gas by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock valued at $386,000 after acquiring an additional 329 shares during the period. Finally, Legato Capital Management LLC grew its holdings in shares of Northern Oil and Gas by 5.8% in the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company's stock worth $237,000 after purchasing an additional 349 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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.