Northern Oil and Gas (NYSE:NOG) Shares Gap Down – What’s Next?

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $37.32, but opened at $36.00. Northern Oil and Gas shares last traded at $36.03, with a volume of 111,802 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Truist Financial cut their price target on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Jefferies Financial Group started coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Finally, StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.80.

Northern Oil and Gas Stock Down 2.8 %

The firm’s 50-day moving average price is $37.46 and its 200 day moving average price is $38.88. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 5.82 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.20 by $0.26. The business had revenue of $560.80 million during the quarter, compared to the consensus estimate of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.49 earnings per share. On average, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 5.44 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a dividend of $0.42 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 4.63%. The ex-dividend date is Friday, September 27th. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In related news, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now owns 83,792 shares of the company’s stock, valued at $3,351,680. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total transaction of $96,558.00. Following the transaction, the president now owns 107,876 shares in the company, valued at approximately $4,153,226. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Chad W. Allen sold 1,500 shares of Northern Oil and Gas stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,008 shares of company stock worth $228,013 over the last 90 days. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Northern Oil and Gas by 45.6% during the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares during the last quarter. American Century Companies Inc. raised its position in shares of Northern Oil and Gas by 11.0% in the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares in the last quarter. Capstone Investment Advisors LLC lifted its stake in shares of Northern Oil and Gas by 8,679.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock valued at $20,355,000 after purchasing an additional 507,129 shares during the period. abrdn plc bought a new stake in shares of Northern Oil and Gas during the 3rd quarter valued at about $17,096,000. Finally, Westfield Capital Management Co. LP grew its stake in Northern Oil and Gas by 13.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock worth $69,430,000 after purchasing an additional 212,030 shares during the period. 98.80% of the stock is currently owned by institutional investors.

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.