Northern Oil and Gas (NYSE:NOG) Stock Price Down 3.5% - Here's Why

Key Points

• Northern Oil and Gas shares fell 3.5% to $26.30 on Tuesday, trading as low as $26.09 on unusually light volume (183,441 shares, down ~92% from the average session).
• Analysts are mixed: the consensus rating is "Hold" with a consensus price target of $31.71, though firms like Citigroup and Bank of America recently raised targets (to $39 and $32 respectively) while Morgan Stanley remains "underweight".
• The company beat quarterly estimates with $0.83 EPS and $610.2M revenue, but it pays a sizable dividend yielding ~6.9% and has a very high payout ratio (545%), a potential sustainability concern.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report)'s stock price fell 3.5% during trading on Tuesday . The stock traded as low as $26.09 and last traded at $26.3020. 183,441 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 2,445,575 shares. The stock had previously closed at $27.26.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NOG. Citigroup increased their price objective on Northern Oil and Gas from $34.00 to $39.00 and gave the stock a "buy" rating in a research report on Tuesday, March 31st. Royal Bank Of Canada decreased their target price on Northern Oil and Gas from $33.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Tuesday, January 20th. Piper Sandler lifted 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. Morgan Stanley reissued an "underweight" rating on shares of Northern Oil and Gas in a report on Friday, March 27th. Finally, Bank of America upped their price objective on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $31.71.

Northern Oil and Gas Trading Down 4.7%

The stock has a 50 day moving average of $27.58 and a 200 day moving average of $24.35. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $2.53 billion, a P/E ratio of 78.70 and a beta of 0.94.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.12. The firm had revenue of $610.18 million during the quarter, compared to analysts' expectations of $524.98 million. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The company's revenue for the quarter was up 18.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 EPS. As a group, equities research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, March 30th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Monday, March 30th. Northern Oil and Gas's payout ratio is presently 545.45%.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted its position in Northern Oil and Gas by 226.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,876 shares of the company's stock valued at $62,000 after buying an additional 1,994 shares during the period. Sankala Group LLC bought a new position in shares of Northern Oil and Gas during the fourth quarter valued at about $88,000. State of Tennessee Department of Treasury increased its holdings in shares of Northern Oil and Gas by 21.3% in the fourth quarter. State of Tennessee Department of Treasury now owns 29,316 shares of the company's stock worth $629,000 after buying an additional 5,156 shares during the period. Voloridge Investment Management LLC bought a new stake in shares of Northern Oil and Gas in the 4th quarter valued at about $4,792,000. Finally, Virtus Investment Advisers LLC lifted its stake in shares of Northern Oil and Gas by 8.4% in the 4th quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company's stock valued at $159,000 after acquiring an additional 572 shares during the last quarter. Hedge funds and other 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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