Northern Oil and Gas’ (NOG) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Northern Oil and Gas (NYSE:NOG) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $46.00 target price on the stock.

Several other research analysts also recently weighed in on NOG. Citigroup cut their price target on Northern Oil and Gas from $55.00 to $50.00 and set a buy rating for the company in a research note on Friday, May 3rd. Bank of America reiterated a buy rating and set a $48.00 price target on shares of Northern Oil and Gas in a research note on Friday, June 14th. Truist Financial increased their price target on Northern Oil and Gas from $55.00 to $56.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Stifel Nicolaus increased their price target 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. Finally, Jefferies Financial Group increased their price target 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. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $48.90.

Northern Oil and Gas Stock Down 2.0 %

Shares of NYSE:NOG opened at $38.08 on Wednesday. The company has a market capitalization of $3.85 billion, a PE ratio of 6.17 and a beta of 1.79. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $39.07 and a two-hundred day moving average price of $37.81. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $43.75.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. The firm had revenue of $396.35 million during the quarter, compared to the consensus estimate of $505.67 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The business’s revenue for the quarter was down 31.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.76 EPS. Analysts forecast that Northern Oil and Gas will post 4.95 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, June 27th. This represents a $1.60 dividend on an annualized basis and a yield of 4.20%. Northern Oil and Gas’s dividend payout ratio (DPR) is 25.93%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the sale, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the sale, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now directly owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. Insiders have sold a total of 5,934 shares of company stock valued at $241,906 in the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of large investors have recently modified their holdings of NOG. Vanguard Group Inc. raised its holdings in shares of Northern Oil and Gas by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after buying an additional 2,827,642 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Northern Oil and Gas by 27.0% during the 3rd quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock valued at $103,085,000 after buying an additional 545,297 shares in the last quarter. Capstone Investment Advisors LLC raised its holdings in shares of Northern Oil and Gas by 8,679.3% during the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock valued at $20,355,000 after buying an additional 507,129 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Northern Oil and Gas by 30.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,375,710 shares of the company’s stock valued at $51,001,000 after buying an additional 324,958 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Northern Oil and Gas by 13.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after buying an additional 212,030 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.