Northern Oil and Gas (NYSE:NOG) Share Price Breaks Below Fifty Day Moving Average – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG) shares crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $25.69 and traded as low as $24.97. Northern Oil and Gas shares last traded at $24.9940, with a volume of 2,052,321 shares trading hands.

Wall Street Analyst Weigh In

NOG has been the subject of several research reports. Mizuho raised their price target on Northern Oil and Gas from $29.00 to $30.00 and gave the company a “neutral” rating in a report on Wednesday, October 14th. Scotiabank assumed coverage on shares of Northern Oil and Gas in a report on Wednesday, October 14th. They issued a “sector perform” rating and a $27.00 price objective on the stock. Morgan Stanley reissued an “underweight” rating and issued a $26.00 price objective (up from $25.00) on shares of Northern Oil and Gas in a research report on Thursday, October 15th. Wall Street Zen upgraded shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Citigroup raised their target price on shares of Northern Oil and Gas from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, October 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $31.56.

Northern Oil and Gas Price Performance

The company has a fifty day simple moving average of $25.69 and a two-hundred day simple moving average of $24.54. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -4.83 and a beta of 0.85. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%. The firm had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. During the same period last year, the company posted $1.37 EPS. The business’s revenue was up 5.4% on a year-over-year basis. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 3.84 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 29th. Stockholders of record on Wednesday, December 30th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date is Wednesday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently added to or reduced their stakes in NOG. Bank of America Corp DE increased its stake in Northern Oil and Gas by 18.5% in the first quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock valued at $36,410,000 after purchasing an additional 194,861 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Northern Oil and Gas by 116.8% during the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company’s stock worth $34,140,000 after purchasing an additional 629,197 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Northern Oil and Gas in the 2nd quarter valued at about $26,769,000. Empowered Funds LLC grew its stake in shares of Northern Oil and Gas by 5.3% in the 1st quarter. Empowered Funds LLC now owns 403,127 shares of the company’s stock valued at $11,783,000 after buying an additional 20,413 shares during the period. Finally, Requisite Capital Management LLC bought a new stake in Northern Oil and Gas in the 2nd quarter valued at about $10,519,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests, allowing it to participate in wells drilled and managed by other exploration and production companies while maintaining exposure to a broad portfolio of oil and gas assets.

Northern Oil and Gas has historically focused on properties in the Williston Basin of North Dakota and Montana and has expanded its operations into other major U.S.