Northern Oil and Gas (NYSE:NOG) Price Target Raised to $36.00

Northern Oil and Gas (NYSE:NOG) had its target price increased by Raymond James from $35.00 to $36.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a strong-buy rating on the stock.

Other research analysts also recently issued research reports about the company. Royal Bank of Canada reduced their target price on Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Bank of America dropped their price target on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Citigroup lowered their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $40.56.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $28.70 on Tuesday. The business has a 50 day moving average of $26.35 and a 200 day moving average of $33.81. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $44.31. The company has a market cap of $2.83 billion, a PE ratio of 5.58 and a beta of 1.47. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The firm had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. During the same quarter in the previous year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up 51.9% compared to the same quarter last year. As a group, equities research analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 6.27%. The ex-dividend date is Friday, June 27th. Northern Oil and Gas’s payout ratio is 28.04%.

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

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi bought 40,000 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were acquired at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the purchase, 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Nicholas L. O’grady bought 1,000 shares of Northern Oil and Gas stock in a transaction on Friday, March 7th. The stock was acquired 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 owns 226,189 shares in the company, valued at approximately $6,215,673.72. This represents a 0.44% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pinnacle Holdings LLC purchased a new position in Northern Oil and Gas in the 1st quarter worth about $28,000. Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas in the fourth quarter worth approximately $29,000. Signaturefd LLC raised its holdings in shares of Northern Oil and Gas by 60.0% during the first quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock valued at $33,000 after purchasing an additional 405 shares during the last quarter. Byrne Asset Management LLC lifted its position in Northern Oil and Gas by 54.9% during the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock valued at $41,000 after purchasing an additional 483 shares during the period. Finally, Blue Trust Inc. lifted its position in 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 purchasing an additional 801 shares during the period. 98.80% of the stock is owned by institutional investors.

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.