Northern Oil and Gas (NYSE:NOG) Hits New 12-Month High on Strong Earnings

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $43.75 and last traded at $42.09, with a volume of 288953 shares traded. The stock had previously closed at $43.54.

The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The company had revenue of $396.35 million for the quarter, compared to analysts’ expectations of $505.67 million. During the same quarter in the previous year, the company posted $1.76 EPS. The firm’s quarterly revenue was down 31.9% on a year-over-year basis.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 4.03%. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NOG shares. Truist Financial raised their target price on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com upgraded Northern Oil and Gas from a “sell” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus boosted their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Jefferies Financial Group raised their target price on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Finally, Bank of America lowered Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price target on the stock. in a report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.40.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the transaction, the president now directly owns 122,359 shares in the company, valued at approximately $4,649,642. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, President Adam A. Dirlam sold 2,088 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the transaction, the president now owns 122,359 shares of the company’s stock, valued at $4,649,642. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock worth $436,614 over the last three months. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Several hedge funds have recently made changes to their positions in the business. Private Advisor Group LLC increased its stake in Northern Oil and Gas by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 6,118 shares of the company’s stock worth $246,000 after buying an additional 282 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Northern Oil and Gas by 1.3% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,191 shares of the company’s stock worth $823,000 after acquiring an additional 290 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Northern Oil and Gas by 1.0% during the third quarter. PNC Financial Services Group Inc. now owns 29,761 shares of the company’s stock worth $1,197,000 after acquiring an additional 306 shares during the period. Kestra Advisory Services LLC raised its stake in shares of Northern Oil and Gas by 1.1% in the third quarter. Kestra Advisory Services LLC now owns 27,673 shares of the company’s stock valued at $1,113,000 after acquiring an additional 309 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Northern Oil and Gas by 3.1% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 11,197 shares of the company’s stock valued at $450,000 after purchasing an additional 332 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Price Performance

The company has a 50 day moving average of $39.38 and a 200 day moving average of $37.35. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.32 and a current ratio of 0.96. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 6.43 and a beta of 1.84.

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.