Bank of America Corp DE Purchases 194,861 Shares of Northern Oil and Gas, Inc. $NOG

Key Points

• Bank of America increased its Northern Oil and Gas stake by 18.5%, buying 194,861 additional shares to hold 1.25 million shares worth approximately $36.4 million. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, exceeding estimates, but earnings of $1.13 per share fell short of the $1.18 consensus. The company’s revenue increased 5.4% year over year.
• The company declared a quarterly dividend of $0.45, equivalent to $1.80 annually and a 7.4% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.62, compared with a recent share price of $24.49.

Bank of America Corp DE raised its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 18.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,245,639 shares of the company's stock after acquiring an additional 194,861 shares during the quarter. Bank of America Corp DE owned approximately 1.18% of Northern Oil and Gas worth $36,410,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in Northern Oil and Gas by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company's stock worth $66,000 after acquiring an additional 400 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of Northern Oil and Gas by 18.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company's stock valued at $69,000 after acquiring an additional 507 shares during the last quarter. Virtus Investment Advisers LLC grew its holdings in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company's stock valued at $159,000 after purchasing an additional 572 shares in the last quarter. Isthmus Partners LLC increased its position in Northern Oil and Gas by 0.8% in the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company's stock worth $2,407,000 after purchasing an additional 619 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Northern Oil and Gas by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company's stock valued at $1,963,000 after purchasing an additional 633 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $24.49 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.53. Northern Oil and Gas, Inc. has a 12 month low of $17.18 and a 12 month high of $31.17. The firm's 50 day simple moving average is $20.38 and its 200-day simple moving average is $24.09. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -4.73 and a beta of 0.70.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share 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 negative net margin of 25.35% and a positive return on equity of 18.69%. The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 EPS. Analysts expect that Northern Oil and Gas, Inc. will post 3.53 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 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 7.4%. Northern Oil and Gas's dividend payout ratio (DPR) is -34.75%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NOG shares. Raymond James Financial reissued an "outperform" rating and set a $28.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Citigroup cut their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating on the stock in a research report on Monday, July 20th. Mizuho raised shares of Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an "underweight" rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $30.62.

Insider Transactions at Northern Oil and Gas

In related news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company's stock, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.80% of the company's stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company's primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

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