Envestnet Asset Management Inc. Reduces Holdings in Northern Oil and Gas, Inc. $NOG

Key Points

• Envestnet Asset Management reduced its Northern Oil and Gas stake by 12.5% in the second quarter, selling 42,563 shares and retaining 297,930 shares worth approximately $5.4 million. Institutional investors collectively own 98.8% of the company.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $31 consensus target price. Ratings range from Morgan Stanley’s “Underweight” to Raymond James’ “Outperform” recommendation.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, exceeding estimates, but earnings per share of $1.13 fell short of expectations. The company declared a $0.45 quarterly dividend, implying a 7.5% annualized yield.

Envestnet Asset Management Inc. decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 12.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 297,930 shares of the company's stock after selling 42,563 shares during the period. Envestnet Asset Management Inc. owned about 0.28% of Northern Oil and Gas worth $5,407,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Raymond James Financial restated an "outperform" rating and set a $31.00 target price (up from $28.00) on shares of Northern Oil and Gas in a research report on Thursday, September 10th. Citigroup reduced their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Finally, Mizuho upgraded shares of Northern Oil and Gas to a "hold" rating in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $31.00.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $23.87 on Friday. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17. The firm has a market cap of $2.54 billion, a PE ratio of -4.61 and a beta of 0.90. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. The business has a fifty day moving average of $24.23 and a 200-day moving average of $23.80.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The business had revenue of $745.24 million during the quarter, compared to the consensus estimate of $594.09 million. During the same period in the prior year, the firm earned $1.37 earnings per share. The business's quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts predict that Northern Oil and Gas, Inc. will post 3.63 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.5%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas's payout ratio is -34.75%.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests in wells, allowing it to participate in hydrocarbon development without serving as the principal operator.

Northern Oil and Gas has built a diversified portfolio across several major U.S. oil and natural gas regions, including the Williston Basin, the Permian Basin and the Appalachian Basin.

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