Northern Oil and Gas (NYSE:NOG) Shares Gap Down to $36.43

Northern Oil and Gas, Inc. (NYSE:NOG) gapped down before the market opened on Thursday . The stock had previously closed at $36.43, but opened at $35.48. Northern Oil and Gas shares last traded at $35.42, with a volume of 86,445 shares.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Bank of America lifted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Truist Financial lifted their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Piper Sandler decreased their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Mizuho assumed coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price objective for the company. Finally, StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus target price of $47.70.

Northern Oil and Gas Price Performance

The business’s 50 day simple moving average is $37.97 and its 200-day simple moving average is $39.11. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 5.70 and a beta of 1.81. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business had revenue of $560.80 million for the quarter, compared to analysts’ expectations of $542.28 million. During the same period last year, the firm posted $1.49 earnings per share. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, research analysts forecast that Northern Oil and Gas, Inc. will post 5.29 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a $0.42 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 annualized dividend and a dividend yield of 4.78%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 25.93%.

Insider Transactions at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the last quarter. TFO Wealth Partners LLC grew its holdings in Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after acquiring an additional 1,121 shares during the last quarter. Quarry LP grew its holdings in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after acquiring an additional 874 shares during the last quarter. Fifth Third Bancorp increased its position in Northern Oil and Gas by 88.2% in the 2nd quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after acquiring an additional 1,033 shares during the period. Finally, Assetmark Inc. raised its stake in shares of Northern Oil and Gas by 27.5% during the fourth quarter. Assetmark Inc. now owns 3,902 shares of the company’s stock valued at $145,000 after acquiring an additional 841 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.