Northern Oil and Gas, Inc. (NYSE:NOG) has received a consensus recommendation of “Hold” from analysts across eleven ratings firms. According to Marketbeat, the firm stands divided in its assessment: one analyst has assigned a sell rating, five have issued holds, four have given buy ratings, and one has awarded a strong buy rating. The average 12-month price target for the stock now sits at $33.00.
Several analysts have recently updated their evaluations of Northern Oil and Gas. Mizuho has reduced its target price from $32.00 to $28.00, maintaining a “neutral” rating as of September 15, 2023. Piper Sandler also reaffirmed a “neutral” rating but lowered its price objective significantly from $31.00 to $25.00 in a report issued on August 4, 2023. William Blair initiated coverage on the stock, issuing an “outperform” rating on August 25, 2023. Meanwhile, Morgan Stanley reiterated an “underweight” rating, adjusting its target price from $27.00 to $26.00 in a report released on October 14, 2023. Weiss Ratings also reaffirmed a “hold (c-)” rating on October 8, 2023.
Recent Financial Performance
On March 6, 2024, Northern Oil and Gas announced its latest quarterly earnings, reporting an earnings per share (EPS) of $1.06 and revenue of $319.19 million. The company achieved a return on equity of 22.12% and a net margin of 23.62%. Looking ahead, analysts predict that Northern Oil and Gas will report earnings per share of 5.18 for the current fiscal year.
The company has also announced a quarterly dividend of $0.45, scheduled for payment on January 30, 2024. Shareholders recorded on December 30, 2023, will be eligible for this dividend, which translates to an annualized dividend of $1.80 and an impressive yield of 8.2%. Notably, the company’s payout ratio stands at 101.69%, indicating a high level of return to shareholders compared to its earnings.
Institutional Investors’ Activity
Institutional trading reflects a dynamic shift in investment strategies concerning Northern Oil and Gas. The Teacher Retirement System of Texas increased its stake by 2.9% during the second quarter, now holding 14,270 shares valued at approximately $405,000. Similarly, Range Financial Group LLC boosted its holdings by 5.3% in the third quarter, now owning 9,736 shares valued at $241,000.
MassMutual Private Wealth & Trust FSB significantly expanded its stake by 133.3% in the second quarter, acquiring 954 shares worth about $27,000. First National Advisers LLC also increased its holdings by 4.8% during the third quarter, now possessing 12,665 shares valued at $314,000. Additionally, KLP Kapitalforvaltning AS increased its investment by 3.0%, now holding 20,300 shares worth $583,000.
In total, institutional investors own approximately 98.80% of Northern Oil and Gas’s stock, highlighting a strong interest from larger investment entities in the company’s potential for growth.
Northern Oil and Gas, an independent energy company, focuses on the acquisition, exploration, and production of crude oil and natural gas across several key regions in the United States, including the Williston Basin, the Appalachian Basin, and the Permian Basin.
