Northern Oil and Gas (NYSE:NOG) Shares Gap Up - What's Next?

Key Points

• Northern Oil and Gas shares jumped at the open, gapping up from $18.52 to $19.27 and last trading around $19.32, for a gain of about 6.8%.
• Wall Street sentiment is mixed: analysts’ ratings range from Buy to Sell, with a consensus rating of Hold and an average price target of $31.88.
• The company recently declared a quarterly dividend of $0.45 per share, implying a 9.1% annualized yield, while insider director Bahram Akradi also bought additional shares.

Shares of Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $18.52, but opened at $19.27. Northern Oil and Gas shares last traded at $19.3220, with a volume of 417,447 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NOG shares. Weiss Ratings cut Northern Oil and Gas from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 4th. 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 raised their price target on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a "buy" rating in a research report on Tuesday, March 24th. Citigroup cut their price objective on shares of Northern Oil and Gas from $39.00 to $36.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Finally, Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an "underweight" rating in a research note on Monday, June 29th. 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $31.88.

Northern Oil and Gas Stock Up 6.8%

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. The company's 50 day moving average price is $21.36 and its two-hundred day moving average price is $24.18. The stock has a market cap of $2.15 billion, a P/E ratio of -3.10 and a beta of 0.69.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the company posted $1.33 earnings per share. The firm's quarterly revenue was down 6.2% on a year-over-year basis. As a group, research analysts expect that Northern Oil and Gas, Inc. will post 3.25 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a $0.45 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 9.1%. Northern Oil and Gas's payout ratio is presently -28.26%.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi bought 25,760 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the transaction, the director directly owned 1,713,444 shares of the company's stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

A number of large investors have recently made changes to their positions in NOG. Ascentis Independent Advisors purchased a new position in Northern Oil and Gas during the 1st quarter worth $33,000. Jones Financial Companies Lllp boosted its holdings in Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock worth $33,000 after acquiring an additional 713 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock worth $36,000 after acquiring an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Northern Oil and Gas during the fourth quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Northern Oil and Gas by 429.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company's stock valued at $43,000 after acquiring an additional 1,228 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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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