Northern Oil and Gas (NYSE:NOG) Reaches New 52-Week Low – Here’s Why

Northern Oil and Gas, Inc. (NYSE:NOG) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $33.02 and last traded at $33.18, with a volume of 985984 shares changing hands. The stock had previously closed at $35.38.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NOG shares. Piper Sandler lowered their target price on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Royal Bank of Canada lowered their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Monday, December 16th. Finally, Truist Financial upped their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $47.00.

Northern Oil and Gas Price Performance

The stock has a market cap of $3.29 billion, a P/E ratio of 6.42 and a beta of 1.81. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The business has a 50 day simple moving average of $37.62 and a 200-day simple moving average of $38.30.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). The firm had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.96% and a net margin of 23.38%. On average, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 5.25 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.45 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 5.45%. Northern Oil and Gas’s dividend payout ratio is presently 32.68%.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in Northern Oil and Gas during the 3rd quarter worth about $25,000. Headlands Technologies LLC purchased a new stake in Northern Oil and Gas during the 4th quarter worth about $29,000. Signaturefd LLC lifted its holdings in Northern Oil and Gas by 100.5% during the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after purchasing an additional 427 shares in the last quarter. Blue Trust Inc. lifted its holdings in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after purchasing an additional 801 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its holdings in Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares in the last quarter. 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.