Northern Oil and Gas (NYSE:NOG) Hits New 12-Month Low - Here's Why

Shares of Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $33.02 and last traded at $33.18, with a volume of 985984 shares. The stock had previously closed at $35.38.

Analysts Set New Price Targets

NOG has been the subject of several research reports. Mizuho cut shares of 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. Royal Bank of Canada decreased their target price on shares of 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. Truist Financial raised their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Morgan Stanley set a $43.00 price objective on Northern Oil and Gas in a report on Wednesday, January 22nd. Finally, Piper Sandler lowered 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 equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $46.89.

Northern Oil and Gas Stock Down 3.2 %

The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The company has a 50-day moving average of $37.35 and a two-hundred day moving average of $38.26. The company has a market capitalization of $3.22 billion, a PE ratio of 6.27 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $545.47 million for the quarter, compared to analysts' expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a $0.45 dividend. 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 5.59%. The ex-dividend date is Friday, March 28th. Northern Oil and Gas's dividend payout ratio is presently 32.68%.

Insider Activity

In related news, 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 value of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares of the company's stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently made changes to their positions in the business. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas during the third quarter worth about $25,000. Headlands Technologies LLC purchased a new stake in Northern Oil and Gas during the 4th quarter valued at approximately $29,000. Signaturefd LLC raised its position in shares of Northern Oil and Gas by 100.5% during the third quarter. Signaturefd LLC now owns 852 shares of the company's stock valued at $30,000 after buying an additional 427 shares during the last quarter. Blue Trust Inc. raised its position in shares of Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after buying an additional 801 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in shares of Northern Oil and Gas by 23.3% in the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after buying an additional 259 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.