Cresset Asset Management LLC Decreases Stock Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Cresset Asset Management LLC lowered its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 63.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 23,462 shares of the company's stock after selling 40,893 shares during the period. Cresset Asset Management LLC's holdings in Northern Oil and Gas were worth $872,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in shares of Northern Oil and Gas in the 4th quarter worth $29,000. Blue Trust Inc. increased its stake in shares of Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock worth $44,000 after acquiring an additional 801 shares during the last quarter. Avior Wealth Management LLC increased its stake in shares of Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after acquiring an additional 259 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Northern Oil and Gas in the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC increased its position in shares of Northern Oil and Gas by 297.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock worth $77,000 after purchasing an additional 1,570 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company's stock.

Insider Activity

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

Northern Oil and Gas Price Performance

NOG stock opened at $28.21 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The business has a 50 day moving average price of $26.24 and a 200 day moving average price of $33.93. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 5.49 and a beta of 1.47.

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

Northern Oil and Gas announced that its board has initiated a share repurchase plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.38%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas's dividend payout ratio (DPR) is 28.04%.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOG. Piper Sandler cut their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday, January 29th. Capital One Financial downgraded Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Royal Bank of Canada dropped their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Bank of America cut their target price 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. Finally, Truist Financial boosted their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $43.50.

About Northern Oil and Gas

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.

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