Northern Oil and Gas (NYSE:NOG) Shares Up 4%

Northern Oil and Gas, Inc. (NYSE:NOG) shares shot up 4% during mid-day trading on Thursday . The stock traded as high as $38.35 and last traded at $38.35. 669,249 shares were traded during trading, a decline of 50% from the average session volume of 1,346,530 shares. The stock had previously closed at $36.88.

Analyst Ratings Changes

Several research analysts have recently weighed in on NOG shares. Piper Sandler lowered 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 report on Thursday, August 15th. Bank of America increased their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Jefferies Financial Group began coverage on Northern Oil and Gas in a research report on Thursday. They issued a “buy” rating and a $53.00 target price on the stock. Morgan Stanley lowered their price target 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. Finally, Mizuho began coverage on Northern Oil and Gas in a report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price objective on the stock. One 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 company. According to MarketBeat, Northern Oil and Gas currently has a consensus rating of “Moderate Buy” and an average target price of $46.80.

Northern Oil and Gas Price Performance

The company has a market capitalization of $3.94 billion, a PE ratio of 6.22 and a beta of 1.81. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89. The company’s 50 day simple moving average is $37.67 and its 200 day simple moving average is $39.08.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 27.37% and a return on equity of 31.90%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share. As a group, sell-side analysts predict 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 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. The ex-dividend date of this dividend is Friday, September 27th. This is a positive change 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 4.31%. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

Insider Transactions at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total transaction of $52,890.00. Following the transaction, the insider now directly owns 105,713 shares in the company, valued at $3,727,440.38. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated 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 directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Erik J. Romslo sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares in the company, valued at $3,727,440.38. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in shares of Northern Oil and Gas by 1.4% in the 2nd 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 buying an additional 320 shares in the last quarter. GAMMA Investing LLC raised its stake in 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 purchasing an additional 528 shares during the last quarter. Arizona State Retirement System raised its stake in Northern Oil and Gas by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after purchasing an additional 555 shares during the last quarter. Insight Wealth Strategies LLC raised its stake in Northern Oil and Gas by 2.7% in the 2nd quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock valued at $1,011,000 after purchasing an additional 717 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Northern Oil and Gas by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock valued at $1,710,000 after purchasing an additional 800 shares during the last quarter. 98.80% of the stock is currently 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.