Northern Oil and Gas (NYSE:NOG) Shares Gap Down to $31.49

Northern Oil and Gas, Inc. (NYSE:NOGGet Rating) shares gapped down prior to trading on Monday . The stock had previously closed at $31.49, but opened at $29.89. Northern Oil and Gas shares last traded at $30.77, with a volume of 613 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Northern Oil and Gas from $36.00 to $35.00 and set an “equal weight” rating on the stock in a report on Monday, July 11th. Bank of America raised their price objective on Northern Oil and Gas from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Monday. TheStreet upgraded Northern Oil and Gas from a “d” rating to a “b-” rating in a research note on Wednesday, August 3rd. Piper Sandler dropped their price target on Northern Oil and Gas from $51.00 to $49.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. Finally, Raymond James lifted their price objective on shares of Northern Oil and Gas from $50.00 to $55.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 18th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and an average target price of $42.78.

Northern Oil and Gas Stock Performance

The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 7.22. The stock has a market capitalization of $2.37 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 0.41 and a beta of 2.09. The business’s fifty day simple moving average is $29.60.

Northern Oil and Gas (NYSE:NOGGet Rating) last announced its earnings results on Wednesday, August 3rd. The company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.15. Northern Oil and Gas had a net margin of 1.28% and a return on equity of 1,046.87%. The company had revenue of $549.64 million during the quarter, compared to analysts’ expectations of $410.05 million. On average, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 7.13 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Thursday, September 29th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Wednesday, September 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.19. Northern Oil and Gas’s dividend payout ratio is presently 36.54%.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors have recently made changes to their positions in NOG. Federated Hermes Inc. grew its position in Northern Oil and Gas by 1,645.6% during the second quarter. Federated Hermes Inc. now owns 79,251 shares of the company’s stock worth $2,002,000 after buying an additional 74,711 shares in the last quarter. First National Bank of Omaha acquired a new stake in shares of Northern Oil and Gas during the 2nd quarter worth $304,000. Verition Fund Management LLC bought a new position in shares of Northern Oil and Gas in the second quarter worth $342,000. Legal & General Group Plc raised its stake in Northern Oil and Gas by 29.8% in the second quarter. Legal & General Group Plc now owns 38,440 shares of the company’s stock valued at $971,000 after purchasing an additional 8,817 shares in the last quarter. Finally, Walleye Capital LLC bought a new stake in Northern Oil and Gas during the second quarter worth about $402,000. 78.72% of the stock is currently owned by institutional investors.

Northern Oil and Gas Company Profile

(Get Rating)

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. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.

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