Northern Oil and Gas (NYSE:NOG) Posts Quarterly Earnings Results

Northern Oil and Gas (NYSE:NOG) posted its quarterly earnings results on Wednesday. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.12, FiscalAI reports. The firm had revenue of $610.18 million during the quarter, compared to analyst estimates of $524.98 million. Northern Oil and Gas had a return on equity of 19.27% and a net margin of 1.57%.The business’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same period last year, the company earned $1.11 earnings per share.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $26.22 on Friday. The firm has a market capitalization of $2.56 billion, a PE ratio of 79.45 and a beta of 1.01. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 1.05. Northern Oil and Gas has a 12 month low of $19.88 and a 12 month high of $32.62. The business’s 50-day moving average price is $23.74 and its 200-day moving average price is $23.68.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, March 30th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date is Monday, March 30th. Northern Oil and Gas’s dividend payout ratio is presently 101.69%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NOG. 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 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada cut their price target on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating for the company in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.29.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Quadrant Capital Group LLC raised its position in Northern Oil and Gas by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after purchasing an additional 400 shares during the period. Virtus Investment Advisers LLC increased its holdings in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock worth $159,000 after buying an additional 572 shares during the period. Smartleaf Asset Management LLC lifted its stake 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 valued at $44,000 after acquiring an additional 702 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in 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 valued at $33,000 after acquiring an additional 713 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Northern Oil and Gas by 0.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 103,956 shares of the company’s stock worth $2,232,000 after acquiring an additional 731 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.