Northern Oil and Gas, Inc. (NYSE:NOG) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Northern Oil and Gas, Inc. has received a consensus rating of "Moderate Buy" from analysts, with an average twelve-month price target of $36.89.
• The company reported earnings per share of $1.37 for the last quarter, exceeding analysts' expectations, and showed a 26% year-over-year revenue increase.
• Northern Oil and Gas declared a quarterly dividend of $0.45 per share, representing a 7.8% yield, with the payment scheduled for October 31st.

Shares of Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) have earned an average recommendation of "Moderate Buy" from the ten analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $36.8889.

NOG has been the topic of a number of recent analyst reports. Mizuho dropped their price objective on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley lowered Northern Oil and Gas from a "positive" rating to an "underweight" rating and dropped their price objective for the stock from $29.00 to $27.00 in a research note on Monday. Royal Bank Of Canada dropped their price objective on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Monday, July 14th. Piper Sandler reiterated a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Finally, Bank of America lifted their price objective on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. DLD Asset Management LP increased its stake in Northern Oil and Gas by 42.9% during the second quarter. DLD Asset Management LP now owns 25,000,000 shares of the company's stock valued at $708,750,000 after acquiring an additional 7,500,000 shares during the period. American Century Companies Inc. increased its stake in Northern Oil and Gas by 6.4% during the first quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock valued at $210,201,000 after acquiring an additional 415,781 shares during the period. Dimensional Fund Advisors LP increased its stake in Northern Oil and Gas by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock valued at $129,939,000 after acquiring an additional 1,001,493 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Northern Oil and Gas by 25.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,951,505 shares of the company's stock valued at $56,867,000 after acquiring an additional 397,128 shares during the period. Finally, Channing Capital Management LLC increased its stake in Northern Oil and Gas by 8.7% during the first quarter. Channing Capital Management LLC now owns 1,920,258 shares of the company's stock valued at $58,049,000 after acquiring an additional 153,635 shares during the period. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $23.1650 on Wednesday. Northern Oil and Gas has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The business has a 50-day moving average of $28.21 and a two-hundred day moving average of $28.39. The stock has a market capitalization of $2.26 billion, a P/E ratio of 3.82 and a beta of 1.55. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same quarter in the previous year, the firm earned $1.46 earnings per share. The business's quarterly revenue was up 26.0% compared to the same quarter last year. On average, equities research analysts predict that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 7.8%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's payout ratio is currently 29.70%.

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.

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