12th Street Asset Management Company LLC Sells 222,737 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Key Points

• 12th Street Asset Management Company LLC decreased its stake in Northern Oil and Gas, Inc. by 51.5%, selling 222,737 shares to hold 209,454 shares, which represent about 1.1% of its portfolio.
• Many institutional investors are actively adjusting their positions, with firms like Signaturefd LLC increasing their stake by 60% during the same quarter.
• Analysts have mixed sentiments on Northern Oil and Gas, with reports indicating an average rating of "Hold" and a consensus price target of $38.78, while recent price objectives have ranged from $31.00 to $38.00.

12th Street Asset Management Company LLC cut its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 51.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 209,454 shares of the company's stock after selling 222,737 shares during the period. Northern Oil and Gas makes up 1.1% of 12th Street Asset Management Company LLC's investment portfolio, making the stock its 23rd biggest holding. 12th Street Asset Management Company LLC owned 0.21% of Northern Oil and Gas worth $6,332,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of NOG. Raymond James Financial Inc. purchased a new position in shares of Northern Oil and Gas during the fourth quarter valued at approximately $21,691,000. Natixis acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $7,503,000. Allspring Global Investments Holdings LLC increased its stake in Northern Oil and Gas by 12.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company's stock worth $46,429,000 after buying an additional 173,092 shares during the period. Jump Financial LLC acquired a new stake in Northern Oil and Gas during the 4th quarter valued at approximately $6,423,000. Finally, Vanguard Group Inc. raised its stake in shares of Northern Oil and Gas by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company's stock valued at $418,916,000 after purchasing an additional 166,501 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on NOG. Royal Bank Of Canada cut their target price on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a report on Monday, July 14th. Citigroup lifted their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Mizuho dropped their price target on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. Finally, Piper Sandler increased their price target on Northern Oil and Gas from $30.00 to $31.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $38.78.

Northern Oil and Gas Trading Down 11.2%

Shares of Northern Oil and Gas stock traded down $3.14 during trading on Friday, reaching $25.02. 3,654,595 shares of the company were exchanged, compared to its average volume of 1,682,776. Northern Oil and Gas, Inc. has a twelve month low of $19.88 and a twelve month high of $44.31. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 4.13 and a beta of 1.55. The business has a 50-day moving average price of $29.05 and a 200-day moving average price of $29.69.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.28%. The company had revenue of $706.81 million for the quarter, compared to the consensus estimate of $555.54 million. During the same period last year, the company earned $1.46 earnings per share. The firm's revenue was up 26.0% compared to the same quarter last year. Sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 7.2%. Northern Oil and Gas's dividend payout ratio is currently 29.70%.

Northern Oil and Gas 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.