Crestline Management LP Purchases New Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Crestline Management LP bought a new stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,087 shares of the company's stock, valued at approximately $858,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Smartleaf Asset Management LLC grew its stake in shares of Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock worth $77,000 after acquiring an additional 1,570 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Northern Oil and Gas by 2.5% during the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock worth $17,904,000 after purchasing an additional 11,690 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of Northern Oil and Gas by 36.1% during the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company's stock worth $2,877,000 after purchasing an additional 20,550 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Northern Oil and Gas in the 4th quarter valued at about $909,000. Finally, Charles Schwab Investment Management Inc. grew its position in Northern Oil and Gas by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company's stock valued at $39,349,000 after acquiring an additional 73,256 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

Shares of NOG stock traded up $0.04 on Wednesday, reaching $29.65. The stock had a trading volume of 1,753,016 shares, compared to its average volume of 1,521,367. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The firm's 50-day moving average is $26.30 and its two-hundred day moving average is $33.90. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 5.77 and a beta of 1.47. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.21. The business had revenue of $602.10 million during the quarter, compared to the consensus estimate of $568.87 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm's quarterly revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 EPS. On average, research analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas announced that its board has initiated a stock buyback plan on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 3.6% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.80 annualized dividend and a dividend yield of 6.07%. Northern Oil and Gas's payout ratio is 28.04%.

Insider Activity

In related news, Director Bahram Akradi bought 40,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were bought at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the acquisition, the director now directly owns 1,662,016 shares of the company's stock, valued at $46,586,308.48. This trade represents a 2.47% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Nicholas L. O'grady bought 1,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the acquisition, the chief executive officer now directly owns 226,189 shares of the company's stock, valued at approximately $6,215,673.72. This represents a 0.44% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NOG shares. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Piper Sandler dropped their price objective on Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday. Bank of America reduced their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Citigroup cut their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Finally, Morgan Stanley lowered their target price on Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $40.56.

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.