Engineers Gate Manager LP Makes New Investment in Northern Oil and Gas, Inc. $NOG

Key Points

• Engineers Gate Manager LP initiated a position in Northern Oil and Gas by purchasing 73,267 shares valued at approximately $1.33 million. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, exceeding expectations, although earnings per share of $1.13 fell short of the $1.18 consensus estimate. Revenue increased 5.4% year over year.
• The company declared a quarterly dividend of $0.45 per share, equivalent to an annualized $1.80 payout and a 7.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $31.

Engineers Gate Manager LP purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 73,267 shares of the company's stock, valued at approximately $1,330,000. Engineers Gate Manager LP owned approximately 0.07% of Northern Oil and Gas at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NOG. Bank of New York Mellon Corp purchased a new position in shares of Northern Oil and Gas during the second quarter valued at approximately $26,769,000. First Trust Advisors LP grew its stake in Northern Oil and Gas by 116.8% in the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock worth $34,140,000 after acquiring an additional 629,197 shares during the period. Requisite Capital Management LLC purchased a new stake in Northern Oil and Gas in the 2nd quarter worth approximately $10,519,000. Hsbc Holdings PLC acquired a new position in Northern Oil and Gas in the 1st quarter valued at $8,115,000. Finally, Legal & General Group Plc acquired a new position in Northern Oil and Gas in the 2nd quarter valued at $4,613,000. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Stock Down 0.5%

Shares of NOG opened at $25.18 on Friday. Northern Oil and Gas, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The company's fifty day moving average is $23.66 and its two-hundred day moving average is $24.13. The firm has a market cap of $2.68 billion, a PE ratio of -4.86 and a beta of 0.73. 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. Analysts forecast that Northern Oil and Gas, Inc. will post 3.63 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.1%. Northern Oil and Gas's payout ratio is presently -34.75%.

Wall Street Analysts Forecast Growth

NOG has been the topic of a number of recent analyst reports. Weiss Ratings raised Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Mizuho raised Northern Oil and Gas to a "hold" rating in a research report on Friday, July 31st. Wall Street Zen upgraded Northern Oil and Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Citigroup reduced their target price on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating on the stock in a research report on Monday, July 20th. Finally, Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the stock an "underweight" rating in a research note on Monday, June 29th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $31.00.

Insider Transactions at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi purchased 25,760 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the acquisition, the director owned 1,713,444 shares of the company's stock, valued at approximately $33,240,813.60. This represents a 1.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.80% of the company's stock.

About Northern Oil and Gas

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company's portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.

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