Analysts Set Northern Oil and Gas, Inc. (NYSE:NOG) Price Target at $46.89

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have earned a consensus recommendation of “Moderate Buy” from the ten research firms that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $46.89.

A number of brokerages recently issued reports on NOG. Royal Bank of Canada decreased 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 note on Thursday, February 13th. Citigroup reduced their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Capital One Financial cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. 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 report on Monday, January 13th. Finally, Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas L. O’grady bought 1,000 shares of the stock in a transaction on 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 acquisition, 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 position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in Northern Oil and Gas in the fourth quarter worth approximately $21,691,000. Channing Capital Management LLC increased its stake in Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after purchasing an additional 373,917 shares in the last quarter. Bridgewater Associates LP lifted its stake in shares of Northern Oil and Gas by 135.6% in the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Northern Oil and Gas by 3.9% in the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after buying an additional 243,531 shares in the last quarter. Finally, Natixis acquired a new position in shares of Northern Oil and Gas during the fourth quarter valued at about $7,503,000. 98.80% of the stock is owned by institutional investors.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $30.70 on Friday. The stock’s fifty day moving average price is $33.92 and its two-hundred day moving average price is $36.93. The firm has a market cap of $3.04 billion, a PE ratio of 5.97 and a beta of 1.84. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas has a one year low of $26.60 and a one year high of $44.31.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. As a group, research analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business 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 represents a $1.80 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s payout ratio is 35.02%.

Northern Oil and Gas declared that its Board of Directors has initiated a share buyback program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

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.