Northern Oil and Gas (NYSE:NOG) Issues Earnings Results

Northern Oil and Gas (NYSE:NOG) posted its quarterly earnings data on Thursday. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.21, Zacks reports. The company had revenue of $556.64 million during the quarter, compared to the consensus estimate of $528.36 million. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The company’s quarterly revenue was down 26.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 EPS.

Northern Oil and Gas Stock Up 1.7%

Shares of NOG traded up $0.35 during mid-day trading on Friday, hitting $20.83. 1,269,617 shares of the company’s stock were exchanged, compared to its average volume of 1,874,077. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $44.31. The firm has a fifty day moving average of $24.00 and a two-hundred day moving average of $26.19. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of 3.43 and a beta of 1.48. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98.

Northern Oil and Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Tuesday, December 30th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 8.6%. The ex-dividend date of this dividend is Tuesday, December 30th. Northern Oil and Gas’s payout ratio is currently 29.70%.

Analyst Ratings Changes

A number of equities analysts have recently commented on NOG shares. Royal Bank Of Canada cut their target price on shares of Northern Oil and Gas from $34.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Monday, July 14th. Piper Sandler reiterated a “neutral” rating and set a $25.00 target price (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Morgan Stanley reissued an “underweight” rating and set a $26.00 price target (down from $27.00) on shares of Northern Oil and Gas in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Wednesday, October 8th. Finally, William Blair initiated coverage on shares of Northern Oil and Gas in a report on Monday, August 25th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $33.00.

Institutional Trading of Northern Oil and Gas

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Northern Oil and Gas by 429.4% during the second 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. Smartleaf Asset Management LLC grew its position in Northern Oil and Gas by 85.7% in the second 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 in the last quarter. Strs Ohio acquired a new stake in Northern Oil and Gas in the first quarter valued at $88,000. Finally, Garden State Investment Advisory Services LLC bought a new position in shares of Northern Oil and Gas in the second quarter valued at about $249,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

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. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.