Mizuho Begins Coverage on Northern Oil and Gas (NYSE:NOG)

Mizuho initiated coverage on shares of Northern Oil and Gas (NYSE:NOG) in a report issued on Thursday morning, Marketbeat.com reports. The firm issued an outperform rating and a $47.00 price target on the stock.

A number of other equities analysts also recently commented on NOG. Bank of America lifted their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a buy rating in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed 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. StockNews.com cut shares of Northern Oil and Gas from a hold rating to a sell rating in a report on Thursday, August 1st. 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 report on Monday, September 16th. Finally, Piper Sandler dropped their price target on Northern Oil and Gas from $45.00 to $40.00 and set a neutral rating on the stock in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $47.70.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $37.11 on Thursday. The business’s 50-day moving average price is $38.37 and its 200 day moving average price is $39.14. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80. The company has a market capitalization of $3.75 billion, a PE ratio of 6.01 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. During the same period last year, the business earned $1.49 EPS. The business’s revenue was up 17.7% on a year-over-year basis. On average, research analysts predict that Northern Oil and Gas will post 5.41 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.42 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 27th. This represents a $1.68 annualized dividend and a yield of 4.53%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 27.23%.

Insiders Place Their Bets

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at $4,076,948.64. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its holdings in shares of Northern Oil and Gas by 1.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after acquiring an additional 320 shares during the period. GAMMA Investing LLC grew its holdings in Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after buying an additional 528 shares in the last quarter. Arizona State Retirement System grew its holdings in Northern Oil and Gas by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after buying an additional 555 shares in the last quarter. Insight Wealth Strategies LLC increased its position in Northern Oil and Gas by 2.7% during the 2nd quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock worth $1,011,000 after buying an additional 717 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Northern Oil and Gas by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock worth $1,710,000 after buying an additional 800 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.