Royal Bank of Canada Reaffirms Sector Perform Rating for Northern Oil and Gas (NYSE:NOG)

Royal Bank of Canada reissued their sector perform rating on shares of Northern Oil and Gas (NYSE:NOG) in a report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has a $45.00 price objective on the stock.

A number of other research firms have also recently weighed in on NOG. Morgan Stanley cut their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Monday, December 16th. Piper Sandler decreased their target price on Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a research report on Tuesday, December 17th. Jefferies Financial Group began coverage on Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective for the company. Finally, Truist Financial lifted their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the company a “buy” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.20.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $39.93 on Friday. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month 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 company has a market cap of $3.99 billion, a P/E ratio of 4.79 and a beta of 1.85. The firm has a fifty day moving average price of $39.79 and a 200 day moving average price of $38.68.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The business had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business’s revenue for the quarter was up 140.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 EPS. Sell-side analysts predict that Northern Oil and Gas will post 5.4 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, January 31st. Investors of record on Monday, December 30th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.68 annualized dividend and a yield of 4.21%. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now directly owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Icon Wealth Advisors LLC purchased a new position in shares of Northern Oil and Gas in the third quarter valued at $828,000. American Century Companies Inc. increased its stake in shares of Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares in the last quarter. Qsemble Capital Management LP acquired a new position in shares of Northern Oil and Gas during the 2nd quarter worth approximately $625,000. Mutual of America Capital Management LLC lifted its stake in Northern Oil and Gas by 16.3% in the 2nd quarter. Mutual of America Capital Management LLC now owns 443,264 shares of the company’s stock valued at $16,476,000 after buying an additional 62,254 shares in the last quarter. Finally, Heritage Wealth Management Inc. acquired a new stake in Northern Oil and Gas during the 2nd quarter valued at $939,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.