Northern Oil and Gas (NYSE:NOG) Price Target Raised to $49.00 at Bank of America

Northern Oil and Gas (NYSE:NOG) had its price target upped by Bank of America from $48.00 to $49.00 in a research note issued to investors on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the stock.

A number of other research firms have also recently weighed in on NOG. Truist Financial raised their price target on Northern Oil and Gas from $55.00 to $56.00 and gave the company a buy rating in a research note on Wednesday, May 1st. Stifel Nicolaus raised their price target on Northern Oil and Gas from $54.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, April 23rd. Royal Bank of Canada restated an outperform rating and issued a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Citigroup cut their target price on Northern Oil and Gas from $55.00 to $50.00 and set a buy rating on the stock in a research report on Friday, May 3rd. Finally, Piper Sandler lifted their target price on Northern Oil and Gas from $42.00 to $43.00 and gave the stock a neutral rating in a research report on Tuesday, May 14th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $49.00.

Northern Oil and Gas Trading Up 0.3 %

NOG opened at $38.37 on Wednesday. Northern Oil and Gas has a 52 week low of $31.13 and a 52 week high of $43.75. The business has a fifty day simple moving average of $38.92 and a 200-day simple moving average of $37.82. The firm has a market cap of $3.88 billion, a P/E ratio of 6.22 and a beta of 1.79. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.97.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The firm had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. During the same period last year, the business posted $1.76 earnings per share. Northern Oil and Gas’s revenue was down 31.9% compared to the same quarter last year. On average, equities analysts expect that Northern Oil and Gas will post 4.95 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Thursday, June 27th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,534 shares of company stock valued at $252,144. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Northern Oil and Gas by 112.5% in the 3rd quarter. AQR Capital Management LLC now owns 121,235 shares of the company’s stock valued at $4,877,000 after buying an additional 64,183 shares in the last quarter. Deutsche Bank AG lifted its stake in Northern Oil and Gas by 5.8% in the 3rd quarter. Deutsche Bank AG now owns 141,894 shares of the company’s stock valued at $5,708,000 after buying an additional 7,720 shares in the last quarter. American Century Companies Inc. lifted its stake in Northern Oil and Gas by 27.0% in the 3rd quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock valued at $103,085,000 after buying an additional 545,297 shares in the last quarter. Wellington Management Group LLP lifted its stake in Northern Oil and Gas by 11.6% in the 3rd quarter. Wellington Management Group LLP now owns 417,265 shares of the company’s stock valued at $16,787,000 after buying an additional 43,527 shares in the last quarter. Finally, Hudson Bay Capital Management LP lifted its stake in Northern Oil and Gas by 13.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 120,000 shares of the company’s stock valued at $4,828,000 after buying an additional 14,182 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

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.