Northern Oil and Gas (NYSE:NOG) Stock Price Down 6.3% - Here's Why

Key Points

• Northern Oil and Gas shares fell 6.3% on Monday, closing near $17.97 after trading below the prior close of $19.17, with volume running well below average.
• Analyst sentiment remains mixed: recent moves included price-target raises and cuts, and the stock now carries an overall “Hold” consensus with a $31.88 average target price.
• The company recently declared a quarterly dividend of $0.45 per share, implying a 9.9% annualized yield, while director Bahram Akradi also disclosed a purchase of 25,760 shares at $19.40 each.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) shares traded down 6.3% on Monday . The stock traded as low as $17.92 and last traded at $17.9650. 1,456,111 shares were traded during trading, a decline of 45% from the average session volume of 2,637,235 shares. The stock had previously closed at $19.17.

Analysts Set New Price Targets

Several equities analysts have commented on NOG shares. Bank of America raised their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Weiss Ratings downgraded shares of Northern Oil and Gas from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 4th. Johnson Rice cut shares of Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 price objective on the stock. in a research note on Wednesday, May 20th. Citigroup lowered their price objective on shares of Northern Oil and Gas from $39.00 to $36.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Finally, Wall Street Zen cut Northern Oil and Gas from a "buy" rating to a "hold" rating in a research note on Saturday. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $31.88.

Northern Oil and Gas Trading Down 5.3%

The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -2.85 and a beta of 0.68. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. The business's 50 day moving average price is $22.98 and its two-hundred day moving average price is $24.50.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business had revenue of $5.03 million during the quarter, compared to analysts' expectations of $511.38 million. During the same period in the prior year, the company earned $1.33 EPS. The firm's quarterly revenue was down 6.2% compared to the same quarter last year. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 9.9%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas's dividend payout ratio is presently -28.26%.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi acquired 25,760 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were bought at an average price of $19.40 per share, with a total value of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares in the company, valued at $33,240,813.60. The trade was a 1.53% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Deprince Race & Zollo Inc. acquired a new stake in shares of Northern Oil and Gas during the fourth quarter valued at about $25,492,000. First Trust Advisors LP increased its stake in shares of Northern Oil and Gas by 116.8% in the first quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock valued at $34,140,000 after buying an additional 629,197 shares during the period. Bridgeway Capital Management LLC acquired a new position in shares of Northern Oil and Gas in the third quarter valued at approximately $11,295,000. SG Americas Securities LLC raised its holdings in Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company's stock valued at $9,056,000 after buying an additional 351,490 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in Northern Oil and Gas in the 1st quarter valued at approximately $8,115,000. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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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