Northern Oil and Gas (NYSE:NOG) Shares Down 5.2% – What’s Next?

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) dropped 5.2% during mid-day trading on Wednesday . The company traded as low as $25.95 and last traded at $25.72. 350,611 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 2,642,565 shares. The stock had previously closed at $27.12.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NOG shares. Raymond James Financial reiterated an “outperform” rating and set a $31.00 price target (up from $28.00) on shares of Northern Oil and Gas in a report on Thursday, September 10th. Wall Street Zen upgraded Northern Oil and Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Mizuho raised Northern Oil and Gas to a “hold” rating in a research report on Friday, July 31st. Citigroup reduced their target price on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Finally, Weiss Ratings raised Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Northern Oil and Gas currently has an average rating of “Hold” and an average target price of $31.00.

Northern Oil and Gas Stock Down 0.5%

The firm has a market cap of $2.68 billion, a P/E ratio of -4.86 and a beta of 0.73. The firm’s fifty day moving average is $23.66 and its 200 day moving average is $24.13. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The company had revenue of $745.24 million during the quarter, compared to the consensus estimate of $594.09 million. During the same period in the prior year, the company earned $1.37 earnings per share. The firm’s revenue was up 5.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 3.63 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid 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 dividend yield of 7.1%. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.

Insiders Place Their Bets

In other news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new position in Northern Oil and Gas in the 2nd quarter valued at $29,000. Allworth Financial LP acquired a new stake in shares of Northern Oil and Gas during the 2nd quarter worth $31,000. Ascentis Independent Advisors acquired a new stake in shares of Northern Oil and Gas during the 1st quarter worth $33,000. IFP Advisors Inc increased its position in shares of Northern Oil and Gas by 58.6% in the second quarter. IFP Advisors Inc now owns 1,903 shares of the company’s stock worth $35,000 after purchasing an additional 703 shares during the period. Finally, Transamerica Financial Advisors LLC increased its position in shares of Northern Oil and Gas by 22.1% in the second quarter. Transamerica Financial Advisors LLC now owns 2,242 shares of the company’s stock worth $42,000 after purchasing an additional 406 shares during the period. Institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company’s portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.