Northern Oil and Gas, Inc. $NOG Shares Acquired by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC increased its stake in Northern Oil and Gas by 8.7% in Q1 2023, owning a total of 1,920,258 shares worth approximately $58 million, making it the firm's 29th largest position.
• Northern Oil and Gas recently announced a quarterly dividend of $0.45, representing an annualized dividend yield of 7.8%, with a payout ratio of 29.7%.
• The company reported a strong earnings performance with an EPS of $1.37, significantly exceeding analyst expectations, and its revenue increased by 26.0% year-over-year, totaling $706.81 million.

Channing Capital Management LLC grew its holdings in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 8.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,920,258 shares of the company's stock after buying an additional 153,635 shares during the period. Northern Oil and Gas accounts for approximately 1.8% of Channing Capital Management LLC's portfolio, making the stock its 29th largest position. Channing Capital Management LLC owned about 1.95% of Northern Oil and Gas worth $58,049,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Alaska Department of Revenue raised its holdings in shares of Northern Oil and Gas by 25.3% in the first quarter. State of Alaska Department of Revenue now owns 97,025 shares of the company's stock valued at $2,932,000 after buying an additional 19,586 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Northern Oil and Gas by 2.6% during the first quarter. Principal Financial Group Inc. now owns 494,508 shares of the company's stock worth $14,949,000 after purchasing an additional 12,711 shares in the last quarter. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 6.4% during the first quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock worth $210,201,000 after purchasing an additional 415,781 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Northern Oil and Gas by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,141,754 shares of the company's stock worth $34,515,000 after purchasing an additional 82,855 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Northern Oil and Gas by 1.9% during the first quarter. New York State Common Retirement Fund now owns 1,092,152 shares of the company's stock worth $33,016,000 after purchasing an additional 20,186 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock traded up $1.3440 during mid-day trading on Friday, reaching $25.0640. The company had a trading volume of 1,873,946 shares, compared to its average volume of 1,934,318. Northern Oil and Gas, Inc. has a 1 year low of $19.88 and a 1 year high of $44.31. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $2.45 billion, a P/E ratio of 4.14 and a beta of 1.55. The stock's 50-day simple moving average is $27.76 and its 200-day simple moving average is $28.13.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The company had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same period last year, the company posted $1.46 earnings per share. The firm's quarterly revenue was up 26.0% compared to the same quarter last year. On average, equities analysts predict 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 $0.45 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 7.2%. Northern Oil and Gas's dividend payout ratio (DPR) is 29.70%.

Analysts Set New Price Targets

Several research analysts recently issued reports on NOG shares. Mizuho cut their price target on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Morgan Stanley cut shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and cut their price target for the stock from $29.00 to $27.00 in a report on Monday, August 18th. Piper Sandler reissued a "neutral" rating and set a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Citigroup increased their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.89.

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.