Comerica Bank Has $4.81 Million Stock Holdings in Northern Oil and Gas, Inc. $NOG

Key Points

• Comerica Bank has increased its stake in Northern Oil and Gas by 6.4%, acquiring an additional 9,610 shares, which brings its total ownership to 159,244 shares worth approximately $4.81 million.
• Several institutional investors have significantly increased their holdings in Northern Oil and Gas, with 98.80% of the company's stock now owned by hedge funds and institutions.
• Northern Oil and Gas recently reported a strong quarterly earnings performance, with an EPS of $1.37 exceeding the consensus estimate of $0.87, and announced a quarterly dividend of $0.45 per share.

Comerica Bank boosted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 159,244 shares of the company's stock after buying an additional 9,610 shares during the period. Comerica Bank owned about 0.16% of Northern Oil and Gas worth $4,814,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of NOG. Nuveen LLC acquired a new stake in Northern Oil and Gas during the 1st quarter worth about $36,288,000. Dimensional Fund Advisors LP raised its holdings in Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock worth $129,939,000 after buying an additional 1,001,493 shares during the period. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 6.4% during the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock worth $210,201,000 after buying an additional 415,781 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Northern Oil and Gas by 12.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company's stock worth $46,429,000 after buying an additional 173,092 shares during the period. Finally, Channing Capital Management LLC raised its holdings in Northern Oil and Gas by 8.7% during the 1st quarter. Channing Capital Management LLC now owns 1,920,258 shares of the company's stock worth $58,049,000 after buying an additional 153,635 shares during the period. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Stock Up 1.4%

NYSE:NOG traded up $0.35 during mid-day trading on Thursday, reaching $26.00. The stock had a trading volume of 2,205,481 shares, compared to its average volume of 1,600,901. The business's 50 day moving average is $26.96 and its 200 day moving average is $27.60. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The stock has a market cap of $2.54 billion, a P/E ratio of 4.29 and a beta of 1.67. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.50. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The firm had revenue of $706.81 million for the quarter, compared to the consensus estimate of $555.54 million. During the same quarter in the prior year, the company posted $1.46 earnings per share. The firm's revenue was up 26.0% on a year-over-year basis. As a group, sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 6.9%. Northern Oil and Gas's dividend payout ratio is currently 29.70%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NOG. William Blair began coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho dropped their target price on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. Piper Sandler reiterated a "neutral" rating and issued a $25.00 target price (down previously from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Finally, Royal Bank Of Canada dropped their target price on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.