Northern Oil and Gas (NYSE:NOG) Shares Gap Up - Time to Buy?

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $31.15, but opened at $32.55. Northern Oil and Gas shares last traded at $32.22, with a volume of 1,840,351 shares changing hands.

Analyst Ratings Changes

NOG has been the topic of several recent analyst reports. Piper Sandler cut their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Bank of America raised their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Raymond James reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Finally, Royal Bank of Canada decreased their target price on Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $39.67.

Northern Oil and Gas Stock Performance

The company has a market cap of $3.11 billion, a P/E ratio of 6.13 and a beta of 1.51. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The business has a fifty day simple moving average of $26.24 and a two-hundred day simple moving average of $31.98.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.12 by $0.21. The firm had revenue of $602.10 million during the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business's revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.28 EPS. On average, sell-side analysts anticipate 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 Thursday, July 31st. Shareholders 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 5.71%. Northern Oil and Gas's payout ratio is presently 28.04%.

Northern Oil and Gas declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently modified their holdings of NOG. First Horizon Advisors Inc. boosted its holdings in shares of Northern Oil and Gas by 9.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company's stock valued at $129,000 after purchasing an additional 289 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Northern Oil and Gas by 2.3% in the fourth quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company's stock worth $487,000 after buying an additional 298 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Northern Oil and Gas by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock valued at $386,000 after buying an additional 329 shares during the last quarter. Signaturefd LLC grew 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 valued at $33,000 after buying an additional 405 shares in the last quarter. Finally, Isthmus Partners LLC increased its stake in Northern Oil and Gas by 0.9% in the 4th quarter. Isthmus Partners LLC now owns 48,354 shares of the company's stock worth $1,797,000 after acquiring an additional 411 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.