Northern Oil and Gas, Inc. (NYSE:NOG) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) has been given a consensus rating of "Moderate Buy" by the ten ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $46.89.

A number of research firms have recently commented on NOG. Mizuho downgraded Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Piper Sandler dropped their price target on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating for the company in a research note on Wednesday, January 29th. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Citigroup cut their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Finally, Truist Financial lifted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, January 13th.

Northern Oil and Gas Trading Up 1.1 %

Shares of NYSE:NOG traded up $0.33 during midday trading on Friday, reaching $30.97. The company's stock had a trading volume of 962,279 shares, compared to its average volume of 1,656,905. The business has a 50 day moving average price of $33.92 and a 200 day moving average price of $36.93. Northern Oil and Gas has a 1 year low of $26.59 and a 1 year high of $44.31. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 6.03 and a beta of 1.84. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Remove Ads

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 net margin of 23.38% and a return on equity of 24.41%. The company had revenue of $545.47 million for the quarter, compared to analyst estimates of $552.34 million. Research analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a dividend of $0.45 per share. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 5.81%. Northern Oil and Gas's payout ratio is 35.02%.

Insider Transactions at Northern Oil and Gas

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

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors have recently modified their holdings of NOG. Icon Wealth Advisors LLC bought a new stake in Northern Oil and Gas in the third quarter valued at about $828,000. Smartleaf Asset Management LLC boosted its holdings in shares of Northern Oil and Gas by 297.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock valued at $77,000 after buying an additional 1,570 shares during the period. Principal Financial Group Inc. grew its position in shares of Northern Oil and Gas by 2.5% during the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock valued at $17,904,000 after buying an additional 11,690 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Northern Oil and Gas by 36.1% in the fourth quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company's stock worth $2,877,000 after acquiring an additional 20,550 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of Northern Oil and Gas during the fourth quarter valued at approximately $909,000. Institutional investors and hedge funds own 98.80% of the company's stock.

About Northern Oil and Gas

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.