Northern Oil and Gas (NYSE:NOG) Price Target Raised to $27.00

Northern Oil and Gas (NYSE:NOG) had its target price raised by Piper Sandler from $25.00 to $27.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

NOG has been the topic of several other research reports. Mizuho set a $29.00 price objective on Northern Oil and Gas in a report on Wednesday, January 21st. Morgan Stanley set a $24.00 target price on Northern Oil and Gas and gave the company an “underweight” rating in a report on Friday, January 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. Finally, Royal Bank Of Canada decreased their price target on Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.57.

Northern Oil and Gas Price Performance

NOG stock opened at $28.81 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.09 and a current ratio of 1.09. Northern Oil and Gas has a 52 week low of $19.88 and a 52 week high of $32.62. The firm’s fifty day moving average is $24.54 and its 200 day moving average is $23.85. The firm has a market cap of $2.80 billion, a P/E ratio of 87.30 and a beta of 0.96.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.12. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The business had revenue of $610.18 million during the quarter, compared to the consensus estimate of $524.98 million. During the same period in the previous year, the firm posted $1.11 earnings per share. The firm’s revenue for the quarter was up 18.5% on a year-over-year basis. Research analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, March 30th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.2%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 545.45%.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently modified their holdings of the stock. Laurel Wealth Advisors LLC raised its stake in Northern Oil and Gas by 2,736.1% in the second quarter. Laurel Wealth Advisors LLC now owns 1,021 shares of the company’s stock worth $29,000 after buying an additional 985 shares in the last quarter. First Horizon Corp bought a new stake in Northern Oil and Gas during the 3rd quarter valued at approximately $27,000. Jones Financial Companies Lllp grew its holdings in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after acquiring an additional 1,228 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Northern Oil and Gas by 85.7% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after acquiring an additional 702 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.