Abel Hall LLC Takes $526,000 Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Abel Hall LLC acquired a new stake in Northern Oil and Gas, purchasing 18,542 shares valued at approximately $526,000 in the 2nd quarter.
• Northern Oil and Gas reported earnings of $1.37 per share, exceeding analysts' estimates of $0.87, with a 26% increase in quarterly revenue compared to the previous year.
• The company announced a quarterly dividend of $0.45 per share, representing a 7.2% yield, with the payment set for October 31st to shareholders of record on September 29th.

Abel Hall LLC bought a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,542 shares of the company's stock, valued at approximately $526,000.

Several other large investors have also recently made changes to their positions in NOG. Nuveen LLC purchased a new stake in shares of Northern Oil and Gas during the 1st quarter valued at $36,288,000. Dimensional Fund Advisors LP increased its position in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock valued at $129,939,000 after purchasing an additional 1,001,493 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Northern Oil and Gas during the 1st quarter valued at $14,137,000. American Century Companies Inc. increased its position in shares of Northern Oil and Gas by 6.4% during the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock valued at $210,201,000 after purchasing an additional 415,781 shares during the last quarter. Finally, Woodline Partners LP increased its position in shares of Northern Oil and Gas by 791.9% during the 1st quarter. Woodline Partners LP now owns 239,245 shares of the company's stock valued at $7,232,000 after purchasing an additional 212,420 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Down 2.4%

Shares of NOG opened at $24.89 on Wednesday. The business has a 50-day moving average of $25.39 and a 200 day moving average of $26.79. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The firm has a market cap of $2.43 billion, a P/E ratio of 4.11 and a beta of 1.61. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.50. The business had revenue of $706.81 million during the quarter, compared to analyst estimates of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The company's quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.46 EPS. As a group, research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's payout ratio is presently 29.70%.

Analysts Set New Price Targets

NOG has been the subject of several research analyst reports. Royal Bank Of Canada decreased their target price on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a research report on Monday, July 14th. Morgan Stanley lowered Northern Oil and Gas from a "positive" rating to an "underweight" rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Monday, August 18th. Mizuho decreased their price objective on Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Monday, September 15th. Piper Sandler reissued a "neutral" rating and issued a $25.00 price objective (down previously from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Finally, Citigroup lifted their price objective on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Northern Oil and Gas has an average rating of "Hold" and an average target price of $34.38.

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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