Northern Oil and Gas (NYSE:NOG) Stock Price Crosses Above 200-Day Moving Average on Analyst Downgrade

Key Points

• Northern Oil and Gas shares rose above their 200-day moving average of $24.55, reaching $25.16 and last trading at $24.79. The article reports Zacks Research upgraded the stock from hold to strong buy, despite a headline referring to an analyst downgrade.
• Analyst views remain mixed: MarketBeat’s consensus rating is Hold, with an average price target of $31.33. Ratings include one Strong Buy, three Buys, five Holds, and two Sells.
• The company reported quarterly EPS of $1.32, beating the $1.09 consensus, while revenue of $345.91 million fell short of expectations; revenue was up 45.2% year over year. It also announced a $0.45 quarterly dividend, equivalent to a 7.3% yield.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) shares passed above its 200-day moving average during trading on Thursday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $24.55 and traded as high as $25.16. Northern Oil and Gas shares last traded at $24.79, with a volume of 1,677,996 shares trading hands.

NOG has been the topic of a number of other reports. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, October 30th. Morgan Stanley reaffirmed an "underweight" rating and issued a $26.00 price objective (up from $25.00) on shares of Northern Oil and Gas in a report on Thursday, October 15th. Wall Street Zen upgraded shares of Northern Oil and Gas from a "buy" rating to a "strong-buy" rating in a research report on Saturday, November 7th. Citigroup increased their target price on shares of Northern Oil and Gas from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, October 15th. Finally, Scotiabank assumed coverage on Northern Oil and Gas in a research report on Wednesday, October 14th. They set a "sector perform" rating and a $27.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Northern Oil and Gas has an average rating of "Hold" and an average target price of $31.33.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP lifted its holdings in Northern Oil and Gas by 6.2% during the third quarter. First Trust Advisors LP now owns 1,329,176 shares of the company's stock valued at $30,412,000 after purchasing an additional 77,603 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of Northern Oil and Gas during the third quarter worth about $9,351,000. Private Advisor Group LLC purchased a new stake in shares of Northern Oil and Gas during the third quarter worth about $406,000. Meeder Asset Management Inc. purchased a new stake in shares of Northern Oil and Gas during the third quarter worth about $91,000. Finally, Stelac Advisory Services LLC acquired a new position in shares of Northern Oil and Gas during the 3rd quarter worth about $136,000. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Performance

The company has a current ratio of 0.59, a quick ratio of 0.80 and a debt-to-equity ratio of 1.43. The firm's 50-day moving average is $25.27 and its two-hundred day moving average is $24.55. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of -5.05 and a beta of 0.85.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.23. Northern Oil and Gas had a positive return on equity of 21.81% and a negative net margin of 27.47%. The company had revenue of $345.91 million for the quarter, compared to analysts' expectations of $617.68 million. During the same period in the previous year, the firm posted $1.03 EPS. Northern Oil and Gas's revenue was up 45.2% compared to the same quarter last year. As a group, sell-side analysts expect that Northern Oil and Gas, Inc. will post 4.02 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 29th. Stockholders of record on Wednesday, December 30th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Wednesday, December 30th. Northern Oil and Gas's dividend payout ratio (DPR) is -36.66%.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc. is an independent energy company that acquires interests in oil and natural gas properties across the United States. It primarily holds non-operated working interests, partnering with other companies that manage drilling and production activities. The company's portfolio spans several major U.S. producing regions, including the Williston, Permian, Appalachian and Uinta basins. Its interests include properties producing crude oil, natural gas and natural gas liquids. Founded in 2006, Northern Oil and Gas initially focused on the Williston Basin.

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