Analysts Set Northern Oil and Gas, Inc. (NYSE:NOG) PT at $47.70

Northern Oil and Gas, Inc. (NYSE:NOG) has received an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $46.60.

A number of brokerages have recently weighed in on NOG. Bank of America lifted their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Truist Financial cut their target price on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday. Piper Sandler cut their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Finally, Morgan Stanley dropped their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th.

Insiders Place Their Bets

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Northern Oil and Gas by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after purchasing an additional 43,940 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after purchasing an additional 552,645 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Northern Oil and Gas by 45.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after purchasing an additional 789,985 shares during the last quarter. Westfield Capital Management Co. LP raised its holdings in shares of Northern Oil and Gas by 13.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after purchasing an additional 212,030 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Northern Oil and Gas by 5.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,432,704 shares of the company’s stock valued at $56,850,000 after purchasing an additional 77,537 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $36.40 on Friday. The firm has a market cap of $3.68 billion, a PE ratio of 5.90 and a beta of 1.81. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The company’s fifty day simple moving average is $37.75 and its two-hundred day simple moving average is $39.11.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.49 EPS. As a group, equities analysts expect that Northern Oil and Gas will post 5.29 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 4.62%. Northern Oil and Gas’s payout ratio is 27.23%.

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.