Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG – Get Rating) – Equities researchers at Seaport Res Ptn raised their Q2 2022 EPS estimates for shares of Northern Oil and Gas in a note issued to investors on Tuesday, May 24th. Seaport Res Ptn analyst N. Pope now forecasts that the energy company will earn $1.78 per share for the quarter, up from their prior forecast of $1.52. Seaport Res Ptn also issued estimates for Northern Oil and Gas’ Q3 2022 earnings at $1.73 EPS.
Other equities analysts have also issued reports about the company. Piper Sandler increased their price target on Northern Oil and Gas from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, April 7th. TheStreet lowered Northern Oil and Gas from a “c-” rating to a “d” rating in a research note on Thursday, May 5th. Wells Fargo & Company lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating and set a $34.00 price target for the company. in a research note on Monday, March 14th. They noted that the move was a valuation call. Bank of America lowered Northern Oil and Gas from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $33.00 to $38.00 in a research note on Tuesday, March 8th. Finally, Royal Bank of Canada raised their price objective on Northern Oil and Gas from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 1st. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Northern Oil and Gas presently has a consensus rating of “Buy” and an average target price of $36.91.
Northern Oil and Gas (NYSEAMERICAN:NOG – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The energy company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.31. Northern Oil and Gas had a negative return on equity of 351.74% and a net margin of 1.28%. During the same period last year, the business posted $0.62 earnings per share.
Large investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in Northern Oil and Gas by 92.5% during the first quarter. FMR LLC now owns 4,353,200 shares of the energy company’s stock valued at $11,928,000 after buying an additional 2,092,100 shares in the last quarter. Westwood Holdings Group Inc. raised its holdings in Northern Oil and Gas by 18,402.8% during the first quarter. Westwood Holdings Group Inc. now owns 1,794,767 shares of the energy company’s stock valued at $50,594,000 after buying an additional 1,785,067 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Northern Oil and Gas during the fourth quarter valued at about $36,043,000. Capital World Investors raised its holdings in Northern Oil and Gas by 24.2% during the fourth quarter. Capital World Investors now owns 6,054,000 shares of the energy company’s stock valued at $124,591,000 after buying an additional 1,179,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Northern Oil and Gas during the fourth quarter valued at about $19,447,000. Institutional investors and hedge funds own 88.47% of the company’s stock.
In related news, insider Michael D. Kelly sold 13,000 shares of the stock in a transaction on Friday, April 1st. The stock was sold at an average price of $28.34, for a total transaction of $368,420.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lisa Meier sold 12,500 shares of the stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $25.88, for a total value of $323,500.00. The disclosure for this sale can be found here. 4.40% of the stock is owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Wednesday, June 29th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, June 28th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.42%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.14. Northern Oil and Gas’s dividend payout ratio is presently -54.90%.
Northern Oil and Gas Company Profile (Get Rating)
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. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.
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