Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month Low – Here’s Why

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $20.38 and last traded at $20.61, with a volume of 3635552 shares changing hands. The stock had previously closed at $22.54.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Monday, December 16th. Bank of America decreased their price objective on shares of Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Royal Bank of Canada reduced their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Truist Financial raised their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, Citigroup decreased their target price on 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus price target of $45.44.

Northern Oil and Gas Stock Down 12.4 %

The firm’s 50 day moving average price is $30.32 and its 200-day moving average price is $36.00. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The company has a market cap of $2.15 billion, a P/E ratio of 4.21 and a beta of 1.49.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data 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). The business had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a $0.45 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 8.31%. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

Northern Oil and Gas announced that its Board of Directors has approved a share repurchase plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi bought 40,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the acquisition, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas L. O’grady purchased 1,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, with a total value of $27,480.00. Following the acquisition, the chief executive officer now directly owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently modified their holdings of the business. Stifel Financial Corp raised its holdings in Northern Oil and Gas by 7.6% during the 3rd quarter. Stifel Financial Corp now owns 87,254 shares of the company’s stock worth $3,090,000 after buying an additional 6,168 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Northern Oil and Gas by 21.0% during the third quarter. Public Employees Retirement System of Ohio now owns 100,140 shares of the company’s stock worth $3,546,000 after acquiring an additional 17,383 shares during the period. Geode Capital Management LLC lifted its position in Northern Oil and Gas by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock valued at $80,884,000 after acquiring an additional 100,761 shares in the last quarter. GAMMA Investing LLC boosted its stake in Northern Oil and Gas by 21.0% in the 4th quarter. GAMMA Investing LLC now owns 2,120 shares of the company’s stock worth $79,000 after purchasing an additional 368 shares during the period. Finally, Doliver Advisors LP increased its holdings in Northern Oil and Gas by 2.9% during the 4th quarter. Doliver Advisors LP now owns 28,667 shares of the company’s stock worth $1,065,000 after purchasing an additional 800 shares in the last quarter. Institutional investors 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.