1,200,394 Shares in Northern Oil and Gas, Inc. $NOG Purchased by Nuveen LLC

Key Points

• Nuveen LLC purchased 1,200,394 shares of Northern Oil and Gas, valued at approximately $36.3 million, increasing their stake to about 1.22% of the company.
• Northern Oil and Gas reported a quarterly earnings EPS of $1.37, significantly beating the consensus estimate, and revealed a year-over-year revenue increase of 26.0%.
• The company declared a quarterly dividend of $0.45 per share, equating to an annual yield of 7.4%, with the payout ratio currently at 29.70%.

Nuveen LLC acquired a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,200,394 shares of the company's stock, valued at approximately $36,288,000. Nuveen LLC owned approximately 1.22% of Northern Oil and Gas at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. boosted its position in Northern Oil and Gas by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock valued at $386,000 after purchasing an additional 329 shares in the last quarter. Signaturefd LLC raised its stake in Northern Oil and Gas by 60.0% in the first quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after buying an additional 405 shares during the last quarter. Van Den Berg Management I Inc. raised its stake in Northern Oil and Gas by 1.2% in the fourth quarter. Van Den Berg Management I Inc. now owns 36,895 shares of the company's stock valued at $1,371,000 after buying an additional 446 shares during the last quarter. Byrne Asset Management LLC raised its stake in Northern Oil and Gas by 54.9% in the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock valued at $41,000 after buying an additional 483 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in Northern Oil and Gas by 26.7% in the first quarter. Fifth Third Bancorp now owns 2,480 shares of the company's stock valued at $75,000 after buying an additional 523 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on NOG. Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Citigroup increased their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Bank of America increased their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley cut Northern Oil and Gas from a "positive" rating to an "underweight" rating and decreased their price target for the company from $29.00 to $27.00 in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Northern Oil and Gas currently has a consensus rating of "Moderate Buy" and an average price target of $36.89.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG traded up $0.4750 during trading on Thursday, hitting $23.7150. The stock had a trading volume of 2,120,700 shares, compared to its average volume of 1,894,039. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 3.91 and a beta of 1.55. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. The stock has a 50-day simple moving average of $27.90 and a two-hundred day simple moving average of $28.27.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The firm had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same period last year, the business posted $1.46 earnings per share. The company's revenue for the quarter was up 26.0% compared to the same quarter last year. On average, equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is 29.70%.

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.