Northern Oil and Gas (NYSE:NOG) Shares Gap Down – Here’s What Happened

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $37.32, but opened at $36.00. Northern Oil and Gas shares last traded at $36.03, with a volume of 111,802 shares trading hands.

Wall Street Analyst Weigh In

NOG has been the subject of a number of research reports. Morgan Stanley lowered their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Bank of America lifted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, Mizuho started coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Northern Oil and Gas currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Northern Oil and Gas Price Performance

The firm has a market cap of $3.61 billion, a P/E ratio of 6.38 and a beta of 1.81. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The business’s 50 day moving average is $37.38 and its two-hundred day moving average is $38.79.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly 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 firm had revenue of $560.80 million for the quarter, compared to analysts’ expectations of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.49 EPS. As a group, analysts anticipate that Northern Oil and Gas, Inc. will post 5.43 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 is Friday, September 27th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 4.66%. Northern Oil and Gas’s payout ratio is presently 29.73%.

Insider Activity at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the sale, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares in the company, valued at $4,153,226. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,008 shares of company stock valued at $228,013 over the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NOG. Emerald Advisers LLC raised its holdings in shares of Northern Oil and Gas by 7.9% in the 3rd quarter. Emerald Advisers LLC now owns 611,509 shares of the company’s stock valued at $21,654,000 after acquiring an additional 44,510 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Northern Oil and Gas by 64.4% in the third quarter. Harbor Capital Advisors Inc. now owns 138,464 shares of the company’s stock worth $4,903,000 after purchasing an additional 54,251 shares during the last quarter. New York State Common Retirement Fund raised its stake in Northern Oil and Gas by 41.4% in the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after purchasing an additional 275,704 shares in the last quarter. New York State Teachers Retirement System lifted its position in Northern Oil and Gas by 3.4% during the third quarter. New York State Teachers Retirement System now owns 45,864 shares of the company’s stock valued at $1,624,000 after purchasing an additional 1,526 shares during the last quarter. Finally, abrdn plc purchased a new position in Northern Oil and Gas in the 3rd quarter worth approximately $17,096,000. 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.