Brokerages Set Northern Oil and Gas, Inc. (NYSE:NOG) Price Target at $38.78

Key Points

• Northern Oil and Gas, Inc. has received an average rating of "Moderate Buy" from ten brokerages, with a 1-year price target set at $38.78.
• The company recently announced a quarterly dividend of $0.45 per share, equating to an annualized yield of 6.33%.
• Northern Oil and Gas reported $602.10 million in revenue during the last quarter, exceeding estimates and showing a year-over-year increase of 51.9%.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten brokerages that are presently covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $38.78.

Several research analysts have recently issued reports on NOG shares. Piper Sandler upped their price target on shares of Northern Oil and Gas from $30.00 to $31.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Royal Bank Of Canada lowered their price target on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a report on Monday, July 14th. Bank of America upped their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Finally, Citigroup upped their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Northern Oil and Gas by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company's stock valued at $418,916,000 after buying an additional 166,501 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Northern Oil and Gas by 6.4% during the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock worth $210,201,000 after purchasing an additional 415,781 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock worth $129,939,000 after purchasing an additional 1,001,493 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Northern Oil and Gas by 25.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,951,505 shares of the company's stock worth $56,867,000 after purchasing an additional 397,128 shares during the last quarter. Finally, Channing Capital Management LLC increased its stake in shares of Northern Oil and Gas by 8.7% during the 1st quarter. Channing Capital Management LLC now owns 1,920,258 shares of the company's stock worth $58,049,000 after purchasing an additional 153,635 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Price Performance

NOG traded down $0.18 during trading on Friday, hitting $29.54. 1,444,226 shares of the stock traded hands, compared to its average volume of 1,642,944. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $44.31. The company has a market cap of $2.92 billion, a price-to-earnings ratio of 4.60 and a beta of 1.50. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50 day moving average price of $29.03 and a 200 day moving average price of $29.89.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.21. The company had revenue of $602.10 million during the quarter, compared to the consensus estimate of $568.87 million. Northern Oil and Gas had a net margin of 26.64% and a return on equity of 23.46%. The company's revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. Equities research analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 6.09%. Northern Oil and Gas's payout ratio is 28.04%.

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.