Northern Oil and Gas (NYSE:NOG) Shares Down 8.6% - Time to Sell?

Key Points

• Northern Oil and Gas shares dropped 8.6% to $25.75, with trading volume at 1,016,067, nearly 44% below average.
• Brokerages have mixed ratings on the stock, with price targets ranging from $31.00 to $38.00 and a consensus rating of "Hold."
• The company reported strong quarterly earnings of $1.37 per share, exceeding estimates, and announced a dividend of $0.45 per share, reflecting a yield of 7.1%.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report)'s share price fell 8.6% during trading on Friday . The company traded as low as $25.84 and last traded at $25.75. 1,016,067 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 1,810,790 shares. The stock had previously closed at $28.16.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NOG. Royal Bank Of Canada decreased their price target 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. Mizuho decreased their price target 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. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Piper Sandler lifted their price target on Northern Oil and Gas from $30.00 to $31.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Citigroup lifted their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $38.78.

Northern Oil and Gas Stock Down 9.9%

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $2.50 billion, a P/E ratio of 3.95 and a beta of 1.50. The company has a 50-day moving average of $29.09 and a two-hundred day moving average of $29.80.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a return on equity of 23.46% and a net margin of 26.64%. The company had revenue of $706.81 million for the quarter, compared to analyst estimates of $555.54 million. During the same period in the previous year, the company posted $1.46 earnings per share. The firm's revenue was up 26.0% on a year-over-year basis. On average, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

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 given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 7.1%. Northern Oil and Gas's dividend payout ratio is presently 29.70%.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently made changes to their positions in NOG. Nuveen LLC bought a new position in shares of Northern Oil and Gas during the first quarter valued at approximately $36,288,000. Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 30.4% in 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 in the last quarter. Raymond James Financial Inc. purchased a new stake in Northern Oil and Gas during the 4th quarter valued at about $21,691,000. BW Gestao de Investimentos Ltda. purchased a new stake in Northern Oil and Gas during the 1st quarter valued at about $14,137,000. Finally, American Century Companies Inc. increased its stake in 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 valued at $210,201,000 after purchasing an additional 415,781 shares in the last quarter. Institutional investors own 98.80% of the company's stock.

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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