Northern Oil and Gas (NYSE:NOG) Price Target Raised to $32.00

Northern Oil and Gas (NYSE:NOG) had its price objective hoisted by Bank of America from $27.00 to $32.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Piper Sandler raised their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Mizuho set a $29.00 price target on Northern Oil and Gas in a research report on Wednesday, January 21st. Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Thursday, January 22nd. Morgan Stanley set a $24.00 price objective on Northern Oil and Gas and gave the company an “underweight” rating in a research report on Friday, January 23rd. Finally, Citigroup lifted their price objective on Northern Oil and Gas from $28.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Northern Oil and Gas currently has an average rating of “Hold” and a consensus target price of $31.00.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $30.40 on Tuesday. The company’s fifty day moving average price is $26.41 and its 200-day moving average price is $24.14. The stock has a market cap of $2.96 billion, a PE ratio of 92.13 and a beta of 0.96. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.13. Northern Oil and Gas has a 12 month low of $19.88 and a 12 month high of $32.62.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) 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 company had revenue of $610.18 million during the quarter, compared to analyst estimates of $524.98 million. During the same period last year, the business earned $1.11 EPS. Northern Oil and Gas’s quarterly revenue was up 18.5% compared to the same quarter last year. On average, equities analysts expect that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Monday, March 30th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Monday, March 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 545.45%.

Institutional Inflows and Outflows

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

Northern Oil and Gas Company Profile

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.