Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month Low – Here’s Why

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $26.21 and last traded at $26.38, with a volume of 1685504 shares changing hands. The stock had previously closed at $30.60.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NOG. Citigroup dropped their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Piper Sandler cut their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Monday, December 16th. Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Finally, Bank of America reduced their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $45.44.

Northern Oil and Gas Trading Down 15.0 %

The firm has a market cap of $2.58 billion, a P/E ratio of 5.06 and a beta of 1.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The firm has a fifty day moving average of $32.61 and a 200-day moving average of $36.75.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The company had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Equities research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a $0.45 dividend. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 6.92%. Northern Oil and Gas’s dividend payout ratio is 35.02%.

Northern Oil and Gas announced that its Board of Directors has approved a stock repurchase plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Nicholas L. O’grady acquired 1,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the completion of the acquisition, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Insight Wealth Strategies LLC increased its position in shares of Northern Oil and Gas by 94.5% during the 1st quarter. Insight Wealth Strategies LLC now owns 55,530 shares of the company’s stock valued at $1,679,000 after purchasing an additional 26,980 shares during the period. California State Teachers Retirement System grew its holdings in Northern Oil and Gas by 3.1% during the fourth quarter. California State Teachers Retirement System now owns 89,279 shares of the company’s stock worth $3,318,000 after acquiring an additional 2,643 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Northern Oil and Gas by 13.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 9,956 shares of the company’s stock worth $370,000 after acquiring an additional 1,201 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in Northern Oil and Gas in the 4th quarter valued at about $1,128,000. Finally, GTS Securities LLC boosted its position in shares of Northern Oil and Gas by 238.2% during the 4th quarter. GTS Securities LLC now owns 22,318 shares of the company’s stock valued at $829,000 after purchasing an additional 15,718 shares in the last quarter. 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.