Northern Oil and Gas (NYSE:NOG) Shares Down 8.6% - Here's What Happened

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%.

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

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NOG. Bank of America lifted their target price on shares of 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. Citigroup upped their target price on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Piper Sandler lowered their target price on shares of Northern Oil and Gas from $31.00 to $25.00 and set a "neutral" rating on the stock in a report on Monday. Royal Bank Of Canada cut their price target on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a report on Monday, July 14th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $38.11.

Northern Oil and Gas Trading Up 0.5%

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 0.92. The stock has a market capitalization of $2.49 billion, a PE ratio of 4.16 and a beta of 1.55. The stock's 50 day simple moving average is $29.02 and its two-hundred day simple moving average is $29.40.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The company had revenue of $706.81 million for the quarter, compared to analyst estimates of $555.54 million. During the same quarter in the previous year, the firm posted $1.46 earnings per share. The company's quarterly revenue was up 26.0% compared to the same quarter last year. On average, sell-side analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.1%. Northern Oil and Gas's payout ratio is 29.70%.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Investment Advisors Inc. increased its holdings in Northern Oil and Gas by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock worth $386,000 after acquiring an additional 329 shares during the period. Teacher Retirement System of Texas increased its holdings in Northern Oil and Gas by 2.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 14,270 shares of the company's stock worth $405,000 after acquiring an additional 402 shares during the period. Signaturefd LLC increased its holdings in Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock worth $33,000 after acquiring an additional 405 shares during the period. Van Den Berg Management I Inc. increased its holdings in Northern Oil and Gas by 1.2% during the 4th quarter. Van Den Berg Management I Inc. now owns 36,895 shares of the company's stock worth $1,371,000 after acquiring an additional 446 shares during the period. Finally, Byrne Asset Management LLC increased its holdings in Northern Oil and Gas by 54.9% during the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock worth $41,000 after acquiring an additional 483 shares during the period. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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.