Northern Oil and Gas (NYSE:NOG) Stock Price Up 6.7% - Should You Buy?

Key Points

• Northern Oil and Gas stock jumped 6.7% on Tuesday, reaching a last traded price of $27.02, although trading volume fell significantly to 196,658 shares.
• Analysts have mixed opinions on the stock, with one rating it as a Strong Buy and others adjusting target prices, including Citigroup raising its target to $38.00.
• The company announced a quarterly dividend of $0.45 per share, representing an annual yield of 6.8%, with the dividend scheduled for payment on October 31st.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report)'s share price was up 6.7% on Tuesday . The stock traded as high as $26.65 and last traded at $27.02. Approximately 196,658 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 1,801,273 shares. The stock had previously closed at $25.31.

Wall Street Analyst Weigh In

A number of research firms have commented on NOG. Royal Bank Of Canada reduced their target price on 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. Morgan Stanley lowered shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and lowered their target price for the company from $29.00 to $27.00 in a research note on Monday, August 18th. Piper Sandler restated a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. William Blair assumed coverage on shares of Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Citigroup increased their price objective on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $36.44.

Northern Oil and Gas Stock Up 5.3%

The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $2.60 billion, a P/E ratio of 4.40 and a beta of 1.67. The stock has a 50 day moving average price of $25.89 and a 200 day moving average price of $27.05.

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

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.8%. Northern Oil and Gas's payout ratio is 29.70%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Northern Oil and Gas by 133.3% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 954 shares of the company's stock worth $27,000 after acquiring an additional 545 shares in the last quarter. UMB Bank n.a. raised its position in Northern Oil and Gas by 200.3% during the second quarter. UMB Bank n.a. now owns 955 shares of the company's stock valued at $27,000 after buying an additional 637 shares during the period. Pinnacle Holdings LLC purchased a new stake in Northern Oil and Gas in the 1st quarter worth about $28,000. Laurel Wealth Advisors LLC grew its position in Northern Oil and Gas by 2,736.1% during the second quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company's stock valued at $29,000 after purchasing an additional 985 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Northern Oil and Gas by 60.0% in 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 during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

About Northern Oil and Gas

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.