Allspring Global Investments Holdings LLC Grows Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Allspring Global Investments Holdings LLC raised its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,554,377 shares of the company's stock after buying an additional 173,092 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.57% of Northern Oil and Gas worth $46,429,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NOG. Raymond James Financial Inc. purchased a new position in Northern Oil and Gas during the 4th quarter valued at approximately $21,691,000. Channing Capital Management LLC increased its position in shares of Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company's stock valued at $65,648,000 after purchasing an additional 373,917 shares during the last quarter. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 3.9% during the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock valued at $242,937,000 after buying an additional 243,531 shares during the period. Natixis bought a new stake in Northern Oil and Gas in the fourth quarter worth $7,503,000. Finally, Ninepoint Partners LP bought a new stake in Northern Oil and Gas in the fourth quarter worth $7,432,000. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Down 1.3%

Shares of NOG opened at $29.03 on Monday. The firm has a market capitalization of $2.86 billion, a P/E ratio of 4.52 and a beta of 1.51. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a fifty day moving average price of $27.68 and a 200-day moving average price of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.21. The firm had revenue of $602.10 million during the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a net margin of 26.64% and a return on equity of 23.46%. The business's revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.28 earnings per share. Equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.20%. The ex-dividend date is Friday, June 27th. Northern Oil and Gas's dividend payout ratio is currently 28.04%.

Northern Oil and Gas announced that its board has authorized a stock repurchase plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

NOG has been the subject of several recent analyst reports. Morgan Stanley dropped their price objective on shares of Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Mizuho dropped their price objective on shares of Northern Oil and Gas from $35.00 to $33.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Royal Bank Of Canada dropped their price objective on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a research note on Monday, April 14th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $39.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.