Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month Low - Here's What Happened

Key Points

• Northern Oil and Gas shares hit a new 52-week low, falling to as low as $17.76 before last trading around $17.82, well below the prior close of $19.17.
• Analyst sentiment is mixed but generally cautious: the stock has an average rating of “Hold” with an average target price of $31.88, while recent price targets ranged from $25 to $36.
• The company recently posted mixed fundamentals and a high dividend yield, beating EPS estimates but missing revenue expectations, while also declaring a quarterly dividend of $0.45 per share for a 10.1% annualized yield.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The company traded as low as $17.76 and last traded at $17.8170, with a volume of 5970996 shares traded. The stock had previously closed at $19.17.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NOG. Royal Bank Of Canada increased their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. Piper Sandler boosted their price target on Northern Oil and Gas from $27.00 to $32.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Raymond James Financial set a $30.00 price target on Northern Oil and Gas and gave the stock an "outperform" rating in a research note on Monday, June 15th. Citigroup cut their price objective on Northern Oil and Gas from $39.00 to $36.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Finally, Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the company an "underweight" rating in a research note on Monday. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $31.88.

Northern Oil and Gas Price Performance

The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The business's 50-day moving average price is $22.82 and its two-hundred day moving average price is $24.46. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -2.80 and a beta of 0.68.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. The firm had revenue of $5.03 million for the quarter, compared to analysts' expectations of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The firm's quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. On average, research analysts forecast that Northern Oil and Gas, Inc. will post 3.42 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 annualized dividend and a dividend yield of 10.1%. Northern Oil and Gas's dividend payout ratio (DPR) is presently -28.26%.

Insider Buying and Selling

In other news, Director Bahram Akradi purchased 25,760 shares of the firm's 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 completion of the purchase, the director owned 1,713,444 shares of the company's stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NOG. Deprince Race & Zollo Inc. bought a new stake in Northern Oil and Gas during the fourth quarter valued at $25,492,000. First Trust Advisors LP lifted its position in shares of Northern Oil and Gas by 116.8% in the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock worth $34,140,000 after buying an additional 629,197 shares during the last quarter. Bridgeway Capital Management LLC bought a new position in shares of Northern Oil and Gas in the 3rd quarter worth about $11,295,000. SG Americas Securities LLC boosted its holdings in shares of Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company's stock valued at $9,056,000 after buying an additional 351,490 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in shares of Northern Oil and Gas during the 1st quarter valued at about $8,115,000. Institutional investors own 98.80% of the company's stock.

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.

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