Brokerages Set Northern Oil and Gas, Inc. (NYSE:NOG) PT at $31.88

Northern Oil and Gas, Inc. (NYSE:NOG) has earned an average rating of “Hold” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $31.6250.

Several equities analysts recently issued reports on NOG shares. Bank of America boosted their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 price objective on shares of Northern Oil and Gas in a report on Wednesday. Citigroup lowered their target price on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Morgan Stanley set a $25.00 target price on Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th. Finally, Johnson Rice cut Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th.

Northern Oil and Gas Stock Up 3.8%

Northern Oil and Gas stock opened at $21.14 on Friday. The business’s 50-day moving average price is $20.89 and its 200 day moving average price is $24.13. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -3.32 and a beta of 0.69. Northern Oil and Gas has a 52 week low of $17.18 and a 52 week high of $31.17.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The company had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the company posted $1.33 earnings per share. Northern Oil and Gas’s revenue for the quarter was down 6.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Northern Oil and Gas will post 3.48 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a $0.45 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.5%. Northern Oil and Gas’s payout ratio is -28.26%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi bought 25,760 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the transaction, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This represents a 1.53% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC raised its position in Northern Oil and Gas by 14.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after buying an additional 400 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Northern Oil and Gas by 18.8% in the fourth quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company’s stock valued at $69,000 after acquiring an additional 507 shares in the last quarter. Virtus Investment Advisers LLC boosted its holdings in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock valued at $159,000 after acquiring an additional 572 shares in the last quarter. Isthmus Partners LLC increased its stake in shares of Northern Oil and Gas by 0.8% during the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock worth $2,407,000 after acquiring an additional 619 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Northern Oil and Gas by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company’s stock worth $1,963,000 after acquiring an additional 633 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

About Northern Oil and Gas

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.