37,981 Northern Oil and Gas, Inc. $NOG Shares Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management reduced its Northern Oil and Gas position by 27.7%, selling 37,981 shares in the third quarter and retaining 99,071 shares valued at approximately $2.27 million.
• Institutional ownership remains very high at 98.8%, while analysts maintain a consensus “Hold” rating with an average price target of $31.22; individual views range from “Sell” to “Buy.”
• Northern Oil and Gas announced a quarterly dividend of $0.45 per share, equivalent to $1.80 annually and a 6.4% yield, despite missing quarterly EPS estimates while exceeding revenue expectations.

Sterling Capital Management LLC decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 27.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 99,071 shares of the company's stock after selling 37,981 shares during the period. Sterling Capital Management LLC owned 0.09% of Northern Oil and Gas worth $2,267,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of Northern Oil and Gas by 18.5% in the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock worth $36,410,000 after buying an additional 194,861 shares during the last quarter. First Trust Advisors LP increased its position in shares of Northern Oil and Gas by 116.8% during the first quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock valued at $34,140,000 after acquiring an additional 629,197 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Northern Oil and Gas during the second quarter valued at approximately $26,769,000. Empowered Funds LLC increased its position in shares of Northern Oil and Gas by 5.3% during the first quarter. Empowered Funds LLC now owns 403,127 shares of the company's stock valued at $11,783,000 after acquiring an additional 20,413 shares during the last quarter. Finally, Requisite Capital Management LLC bought a new stake in Northern Oil and Gas during the second quarter worth $10,519,000. Institutional investors own 98.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup boosted their price objective on Northern Oil and Gas from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, October 15th. Weiss Ratings lowered Northern Oil and Gas from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, October 8th. Mizuho lifted their target price on Northern Oil and Gas from $29.00 to $30.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 14th. Scotiabank started coverage on Northern Oil and Gas in a research note on Wednesday, October 14th. They set a "sector perform" rating and a $27.00 target price on the stock. Finally, Wall Street Zen raised shares of Northern Oil and Gas from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $31.22.

Northern Oil and Gas Stock Down 0.0%

Shares of NYSE NOG opened at $28.26 on Monday. The business has a 50-day moving average of $25.53 and a 200-day moving average of $23.49. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of -5.46 and a beta of 0.90. Northern Oil and Gas, Inc. has a 12 month low of $17.18 and a 12 month high of $31.17. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analysts' expectations of $594.09 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%. Northern Oil and Gas's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.37 earnings per share. Sell-side analysts expect that Northern Oil and Gas, Inc. will post 3.82 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.4%. Northern Oil and Gas's dividend payout ratio (DPR) is currently -34.75%.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests, allowing it to participate in wells drilled and managed by other exploration and production companies while maintaining exposure to a broad portfolio of oil and gas assets.

Northern Oil and Gas has historically focused on properties in the Williston Basin of North Dakota and Montana and has expanded its operations into other major U.S.

Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.