Channing Capital Management LLC Buys 153,635 Shares of Northern Oil and Gas, Inc. $NOG

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 lifted its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,920,258 shares of the company's stock after purchasing an additional 153,635 shares during the period. Northern Oil and Gas accounts for about 1.8% of Channing Capital Management LLC's investment portfolio, making the stock its 29th biggest holding. Channing Capital Management LLC owned about 1.95% of Northern Oil and Gas worth $58,049,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of NOG. Mariner LLC lifted its position in shares of Northern Oil and Gas by 8.6% in the 4th quarter. Mariner LLC now owns 24,746 shares of the company's stock worth $920,000 after purchasing an additional 1,950 shares during the period. Marshall Wace LLP lifted its position in Northern Oil and Gas by 9.7% during the 4th quarter. Marshall Wace LLP now owns 9,540 shares of the company's stock valued at $355,000 after acquiring an additional 840 shares during the period. First Trust Advisors LP lifted its position in Northern Oil and Gas by 17.0% during the 4th quarter. First Trust Advisors LP now owns 492,362 shares of the company's stock valued at $18,296,000 after acquiring an additional 71,545 shares during the period. Dimensional Fund Advisors LP lifted its position in Northern Oil and Gas by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company's stock valued at $122,507,000 after acquiring an additional 68,631 shares during the period. Finally, MetLife Investment Management LLC lifted its position in Northern Oil and Gas by 4.5% during the 4th quarter. MetLife Investment Management LLC now owns 59,818 shares of the company's stock valued at $2,223,000 after acquiring an additional 2,581 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOG has been the subject of a number of recent research reports. Bank of America lifted their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. William Blair initiated coverage on shares of Northern Oil and Gas in a research report on Monday. They set an "outperform" rating for the company. Royal Bank Of Canada lowered their price target on shares of 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 cut shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and lowered their price target for the company from $29.00 to $27.00 in a research report on Monday, August 18th. Finally, Mizuho lowered 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 research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.89.

Northern Oil and Gas Stock Down 1.2%

NYSE:NOG traded down $0.29 on Tuesday, reaching $25.27. 1,258,712 shares of the stock traded hands, compared to its average volume of 1,830,581. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of 4.18 and a beta of 1.55. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The company's fifty day simple moving average is $27.64 and its 200 day simple moving average is $28.01.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data 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 net margin of 23.62% and a return on equity of 22.12%. Northern Oil and Gas's revenue was up 26.0% compared to the same quarter last year. During the same period last year, the business earned $1.46 EPS. Equities analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is currently 29.70%.

Northern Oil and Gas 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.