Voloridge Investment Management LLC Buys New Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

Voloridge Investment Management LLC 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 SEC. The institutional investor bought 45,301 shares of the company's stock, valued at approximately $1,683,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its stake in Northern Oil and Gas by 17.6% in the fourth quarter. Janney Montgomery Scott LLC now owns 9,743 shares of the company's stock valued at $362,000 after buying an additional 1,461 shares during the last quarter. Avior Wealth Management LLC increased its holdings 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 valued at $51,000 after acquiring an additional 259 shares during the period. Blue Trust Inc. raised its position in Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after purchasing an additional 801 shares during the last quarter. Abel Hall LLC acquired a new stake in Northern Oil and Gas during the 4th quarter worth $206,000. Finally, Copeland Capital Management LLC boosted its stake in Northern Oil and Gas by 0.9% during the 4th quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company's stock worth $78,590,000 after purchasing an additional 18,195 shares during the period. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Price Performance

NYSE:NOG traded up $0.52 during trading hours on Monday, hitting $27.10. The company's stock had a trading volume of 1,837,239 shares, compared to its average volume of 1,540,902. Northern Oil and Gas, Inc. has a 52-week low of $19.88 and a 52-week high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The business's 50-day moving average is $25.75 and its two-hundred day moving average is $32.77. The company has a market capitalization of $2.67 billion, a PE ratio of 5.27 and a beta of 1.47.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.21. The business had revenue of $602.10 million for the quarter, compared to analysts' expectations of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business's revenue for the quarter was up 51.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 EPS. As a group, research 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 business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 6.64%. Northern Oil and Gas's payout ratio is currently 28.04%.

Northern Oil and Gas declared that its board has authorized 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 repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have commented on NOG. Citigroup reduced their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. 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 decreased their price target on Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Royal Bank of Canada lowered their price objective on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. Finally, Bank of America upped their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $39.67.

Insiders Place Their Bets

In other news, CEO Nicholas L. O'grady bought 1,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents a 0.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bahram Akradi purchased 40,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by company insiders.

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.