Analysts Set Northern Oil and Gas, Inc. (NYSE:NOG) Price Target at $47.50

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) have earned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $47.20.

A number of brokerages have recently weighed in on NOG. Piper Sandler cut their target price on Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday. Royal Bank of Canada cut Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $43.00 to $45.00 in a research report on Wednesday, November 20th. Morgan Stanley decreased their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a report on Monday. Finally, Truist Financial increased their price target on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, December 13th.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the transaction, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. This represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,508 shares of company stock valued at $248,113. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several hedge funds have recently bought and sold shares of NOG. American Century Companies Inc. boosted its holdings in Northern Oil and Gas by 11.0% in the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after purchasing an additional 552,645 shares during the period. Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 45.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after buying an additional 789,985 shares during the period. Geode Capital Management LLC grew its position in Northern Oil and Gas by 4.6% during the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after buying an additional 100,761 shares in the last quarter. Copeland Capital Management LLC grew its position in Northern Oil and Gas by 0.6% during the third quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock worth $74,245,000 after buying an additional 12,079 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Northern Oil and Gas by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,044 shares of the company’s stock worth $45,349,000 after acquiring an additional 49,632 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $36.02 on Friday. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $44.31. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3.60 billion, a PE ratio of 4.32 and a beta of 1.85. The stock’s fifty day simple moving average is $39.78 and its two-hundred day simple moving average is $38.70.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period last year, the firm earned $1.73 earnings per share. The firm’s revenue was up 140.0% on a year-over-year basis. As a group, analysts forecast that Northern Oil and Gas will post 5.4 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, December 30th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 20.17%.

Northern Oil and Gas Company Profile

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.