Northern Oil and Gas (NYSE:NOG) Announces Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Northern Oil and Gas (NYSE:NOG) posted its earnings results on Thursday. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04), FiscalAI reports. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%.

Northern Oil and Gas Stock Up 2.5%

Northern Oil and Gas stock traded up $0.48 during mid-day trading on Thursday, reaching $20.25. 2,291,210 shares of the company’s stock were exchanged, compared to its average volume of 2,736,984. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The company has a market cap of $2.20 billion, a P/E ratio of -3.18 and a beta of 0.70. The company has a fifty day moving average of $20.18 and a 200-day moving average of $24.08.

Northern Oil and Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 8.9%. Northern Oil and Gas’s dividend payout ratio is -28.26%.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi bought 25,760 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the acquisition, the director directly owned 1,713,444 shares in the company, valued at $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its holdings in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after buying an additional 1,432 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after buying an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Northern Oil and Gas by 85.7% during the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after acquiring an additional 702 shares during the period. Finally, Quadrant Capital Group LLC raised its position in Northern Oil and Gas by 14.9% in the fourth quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after acquiring an additional 400 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NOG shares. Citigroup reduced their price target on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Mizuho upgraded shares of Northern Oil and Gas to a “hold” rating in a report on Friday, July 31st. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Johnson Rice lowered Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a research report on Wednesday, May 20th. Finally, Royal Bank Of Canada lifted their price objective on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.62.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.