Bank of New York Mellon Corp Purchases Shares of 1,474,859 Northern Oil and Gas, Inc. $NOG

Key Points

• Bank of New York Mellon bought 1.47 million Northern Oil and Gas shares worth approximately $26.8 million, acquiring a 1.36% stake. Institutional investors collectively own 98.8% of the company.
• Analyst sentiment remains mixed, with three Buy, four Hold and two Sell ratings; the consensus rating is Hold, with an average price target of $30.62.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, above estimates, but earnings per share of $1.13 missed expectations. The company declared a $0.45 quarterly dividend, representing a 7.0% annualized yield.

Bank of New York Mellon Corp bought a new position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,474,859 shares of the company's stock, valued at approximately $26,769,000. Bank of New York Mellon Corp owned about 1.36% of Northern Oil and Gas as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Ascentis Independent Advisors acquired a new position in shares of Northern Oil and Gas during the 1st quarter worth about $33,000. Jones Financial Companies Lllp raised its position in shares of Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock worth $33,000 after purchasing an additional 713 shares during the period. Global Retirement Partners LLC lifted its holdings in shares of Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock valued at $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd bought a new position in shares of Northern Oil and Gas during the 4th quarter valued at about $43,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company's stock valued at $43,000 after purchasing an additional 1,228 shares during the period. Institutional investors and hedge funds own 98.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NOG shares. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Citigroup reduced their target price on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Raymond James Financial reissued an "outperform" rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Finally, Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the company an "underweight" rating in a research note on Monday, June 29th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $30.62.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $25.74 on Friday. The stock's 50 day moving average is $21.57 and its 200 day moving average is $24.20. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market cap of $2.74 billion, a P/E ratio of -4.97 and a beta of 0.70. Northern Oil and Gas, Inc. has a one year low of $17.18 and a one year high of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results 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). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The firm had revenue of $745.24 million for the quarter, compared to analyst estimates of $594.09 million. During the same period in the previous year, the company earned $1.37 earnings per share. Northern Oil and Gas's revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, research analysts expect that Northern Oil and Gas, Inc. will post 3.79 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.0%. Northern Oil and Gas's dividend payout ratio is presently -34.75%.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi acquired 25,760 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average price of $19.40 per share, with a total value of $499,744.00. Following the acquisition, the director owned 1,713,444 shares in the company, valued at $33,240,813.60. The trade was a 1.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.80% of the company's stock.

Northern Oil and Gas 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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