Northern Oil and Gas (NYSE:NOG) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Northern Oil and Gas (NYSE:NOG - Get Free Report) announced its earnings results on Tuesday. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03, FiscalAI reports. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The company had revenue of $5.03 million during the quarter, compared to the consensus estimate of $528.68 million. During the same period last year, the firm earned $1.33 earnings per share. The company's revenue was down 6.2% on a year-over-year basis.

Northern Oil and Gas Trading Up 1.2%

Shares of NYSE NOG opened at $27.89 on Thursday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13. The stock's 50 day moving average price is $27.72 and its two-hundred day moving average price is $24.47. Northern Oil and Gas has a 52-week low of $20.18 and a 52-week high of $32.62. The stock has a market capitalization of $2.95 billion, a P/E ratio of 84.52 and a beta of 0.94.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, March 30th will be paid a dividend of $0.45 per share. The ex-dividend date is Monday, March 30th. This represents a $1.80 annualized dividend and a yield of 6.5%. Northern Oil and Gas's dividend payout ratio is presently -28.26%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Jones Financial Companies Lllp raised its position in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock valued at $33,000 after acquiring an additional 713 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 worth $43,000 after purchasing an additional 1,228 shares during the period. Smartleaf Asset Management LLC increased its stake 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 valued at $44,000 after purchasing an additional 702 shares during the last quarter. Global Retirement Partners LLC increased its stake in Northern Oil and Gas by 572.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock valued at $36,000 after purchasing an additional 1,432 shares during the last quarter. Finally, Strs Ohio acquired a new stake in shares of Northern Oil and Gas during the first quarter worth $88,000. Institutional investors and hedge funds own 98.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NOG shares. Royal Bank Of Canada increased their price target on Northern Oil and Gas from $30.00 to $35.00 and gave the company a "sector perform" rating in a report on Wednesday, April 8th. Bank of America lifted their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Mizuho set a $29.00 target price on Northern Oil and Gas in a research note on Wednesday, January 21st. Morgan Stanley reissued an "underweight" rating on shares of Northern Oil and Gas in a research report on Friday, March 27th. Finally, Citigroup dropped their price target on shares of Northern Oil and Gas from $39.00 to $36.00 and set a "buy" rating for the company in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Northern Oil and Gas presently has an average rating of "Hold" and an average price target of $32.00.

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.