Northern Oil and Gas (NYSE:NOG) Sets New 1-Year Low - Here's What Happened

Shares of Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) hit a new 52-week low on Thursday . The company traded as low as $31.78 and last traded at $32.04, with a volume of 2150975 shares trading hands. The stock had previously closed at $32.19.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup reduced their price objective on 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. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Royal Bank of Canada lowered their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 13th. Truist Financial lifted their target price 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. Finally, Mizuho cut shares of Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price target on the stock. in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Northern Oil and Gas presently has an average rating of "Hold" and an average target price of $46.89.

Northern Oil and Gas Stock Performance

The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market cap of $2.82 billion, a P/E ratio of 5.53 and a beta of 1.81. The firm has a 50 day moving average price of $36.96 and a 200-day moving average price of $38.07.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (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 company had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. On average, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a $0.45 dividend. The ex-dividend date of this dividend 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 yield of 6.33%. Northern Oil and Gas's dividend payout ratio (DPR) is presently 35.02%.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now directly owns 96,223 shares of the company's stock, valued at $3,752,697. The trade was a 0.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Northern Oil and Gas

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