Northern Oil and Gas (NYSE:NOG) Given New $28.00 Price Target at Mizuho

Northern Oil and Gas (NYSE:NOG) had its price target lowered by Mizuho from $32.00 to $28.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently commented on NOG. Piper Sandler reaffirmed a “neutral” rating and set a $25.00 target price (down previously from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Morgan Stanley lowered Northern Oil and Gas from a “positive” rating to an “underweight” rating and cut their price target for the stock from $29.00 to $27.00 in a report on Monday, August 18th. Royal Bank Of Canada cut their price target on Northern Oil and Gas from $34.00 to $33.00 and set a “sector perform” rating on the stock in a report on Monday, July 14th. Bank of America increased their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Finally, Citigroup increased their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.44.

Northern Oil and Gas Trading Up 0.2%

NYSE NOG opened at $25.85 on Monday. The business has a 50 day simple moving average of $26.18 and a 200 day simple moving average of $27.10. Northern Oil and Gas has a one year low of $19.88 and a one year high of $44.31. The stock has a market capitalization of $2.52 billion, a P/E ratio of 4.26 and a beta of 1.67. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Thursday, July 31st. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The business had revenue of $706.81 million during the quarter, compared to analysts’ expectations of $555.54 million. During the same quarter last year, the firm posted $1.46 earnings per share. The firm’s revenue was up 26.0% on a year-over-year basis. Research analysts expect that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 7.0%. Northern Oil and Gas’s dividend payout ratio is presently 29.70%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Caxton Associates LLP raised its position in Northern Oil and Gas by 1.9% during the 2nd quarter. Caxton Associates LLP now owns 146,405 shares of the company’s stock valued at $4,151,000 after purchasing an additional 2,744 shares during the last quarter. Public Sector Pension Investment Board raised its position in Northern Oil and Gas by 6.4% during the 2nd quarter. Public Sector Pension Investment Board now owns 334,935 shares of the company’s stock valued at $9,495,000 after purchasing an additional 20,045 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Northern Oil and Gas by 14.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 12,074 shares of the company’s stock valued at $342,000 after purchasing an additional 1,491 shares during the last quarter. Corient Private Wealth LLC bought a new position in Northern Oil and Gas during the 2nd quarter valued at approximately $277,000. Finally, State of Tennessee Department of Treasury raised its position in Northern Oil and Gas by 28.5% during the 2nd quarter. State of Tennessee Department of Treasury now owns 28,667 shares of the company’s stock valued at $813,000 after purchasing an additional 6,357 shares during 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.