Northern Oil and Gas (NYSE:NOG) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group initiated coverage on shares of Northern Oil and Gas (NYSE:NOG) in a research report sent to investors on Thursday, StockNewsAPI reports. The firm issued a buy rating and a $53.00 price target on the stock.

A number of other brokerages have also commented on NOG. Piper Sandler decreased their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating for the company in a research note on Thursday, August 15th. Bank of America raised their price target on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Truist Financial lowered their price objective on Northern Oil and Gas from $55.00 to $44.00 and set a buy rating for the company in a research note on Monday. Mizuho assumed coverage on Northern Oil and Gas in a report on Thursday, September 19th. They issued an outperform rating and a $47.00 target price on the stock. Finally, Royal Bank of Canada reiterated an outperform rating and set a $46.00 price target on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $46.80.

Northern Oil and Gas Trading Up 6.0 %

NOG opened at $39.08 on Thursday. The company has a fifty day moving average price of $37.66 and a two-hundred day moving average price of $39.08. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.80. The company has a market cap of $3.95 billion, a P/E ratio of 6.33 and a beta of 1.81. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.26. The business had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.49 earnings per share. Analysts predict that Northern Oil and Gas will post 5.29 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.42 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date of this dividend is Friday, September 27th. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Insider Buying and Selling

In related news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas 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 completion of the sale, 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 at this hyperlink. In other news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction on 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 directly owns 105,713 shares of the company’s stock, valued at $3,727,440.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOG. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in shares of Northern Oil and Gas by 1.4% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after purchasing an additional 320 shares during the period. GAMMA Investing LLC raised its holdings in shares of Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after acquiring an additional 528 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Northern Oil and Gas by 2.2% during the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after acquiring an additional 555 shares during the last quarter. Insight Wealth Strategies LLC grew its holdings in shares of Northern Oil and Gas by 2.7% during the second quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock worth $1,011,000 after purchasing an additional 717 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Northern Oil and Gas by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock worth $1,710,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors 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.