Bank of America Lowers Northern Oil and Gas (NYSE:NOG) Price Target to $41.00

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

A number of other analysts have also commented on NOG. Citigroup decreased 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 note on Tuesday, February 25th. Capital One Financial lowered shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Truist Financial lifted their price target on 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. Royal Bank of Canada decreased 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 report on Thursday, February 13th. Finally, Piper Sandler dropped their target price on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating on the stock in a report on Wednesday, January 29th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $45.44.

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Northern Oil and Gas Trading Down 15.0 %

Shares of NYSE:NOG traded down $4.60 during mid-day trading on Tuesday, hitting $26.01. The company had a trading volume of 2,645,308 shares, compared to its average volume of 1,428,919. The company has a market capitalization of $2.58 billion, a PE ratio of 5.06 and a beta of 1.84. Northern Oil and Gas has a one year low of $25.96 and a one year high of $44.31. The firm has a fifty day moving average price of $32.61 and a 200 day moving average price of $36.75. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share 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 for the quarter, compared to analyst estimates of $552.34 million. As a group, research analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its board has approved a stock repurchase plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This is an increase 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 6.92%. The ex-dividend date is Friday, March 28th. Northern Oil and Gas's dividend payout ratio is currently 35.02%.

Insider Buying and Selling at Northern Oil and Gas

In related news, CEO Nicholas L. O'grady bought 1,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bahram Akradi acquired 40,000 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares of the company's stock, valued at $46,586,308.48. This represents a 2.47 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Northern Oil and Gas by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company's stock valued at $418,916,000 after purchasing an additional 166,501 shares during the last quarter. American Century Companies Inc. lifted its position in Northern Oil and Gas by 3.9% in the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock worth $242,937,000 after buying an additional 243,531 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Northern Oil and Gas by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company's stock valued at $122,507,000 after purchasing an additional 68,631 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 4.6% in the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company's stock worth $80,884,000 after buying an additional 100,761 shares during the period. Finally, Copeland Capital Management LLC lifted its position in Northern Oil and Gas by 0.9% in the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company's stock valued at $78,590,000 after purchasing an additional 18,195 shares during the last quarter. Hedge funds and other 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.