Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Northern Oil and Gas, Inc. $NOG

Key Points

• Connor Clark & Lunn Investment Management purchased 43,352 shares of Northern Oil and Gas in the second quarter, valued at approximately $787,000. 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 a price target of $30.62.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, ahead of expectations, but earnings per share of $1.13 missed estimates. The company declared a quarterly dividend of $0.45, implying a 6.9% annualized yield.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 43,352 shares of the company's stock, valued at approximately $787,000.

Several other institutional investors and hedge funds have also made changes to their positions in NOG. Northwestern Mutual Wealth Management Co. purchased a new stake in Northern Oil and Gas during the 2nd quarter worth about $29,000. Allworth Financial LP purchased a new position in Northern Oil and Gas in the 2nd quarter valued at about $31,000. Ascentis Independent Advisors acquired a new stake in shares of Northern Oil and Gas during the 1st quarter worth about $33,000. Jones Financial Companies Lllp grew its holdings 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 buying an additional 713 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Northern Oil and Gas by 572.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock worth $36,000 after buying an additional 1,432 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a research note on Monday, June 29th. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Mizuho raised Northern Oil and Gas to a "hold" rating in a research report on Friday, July 31st. Finally, Johnson Rice lowered Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price for the company. in a research note on Wednesday, May 20th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas has a consensus rating of "Hold" and a consensus price target of $30.62.

Northern Oil and Gas Stock Up 1.2%

Shares of NYSE NOG opened at $26.05 on Tuesday. Northern Oil and Gas, Inc. has a 52-week low of $17.18 and a 52-week high of $31.17. The firm has a fifty day moving average of $21.70 and a 200-day moving average of $24.19. The stock has a market capitalization of $2.78 billion, a PE ratio of -5.03 and a beta of 0.70. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $594.09 million. During the same period last year, the business posted $1.37 earnings per share. The company's quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas's payout ratio is currently -34.75%.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi bought 25,760 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.80% of the stock is owned by corporate insiders.

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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