Federated Hermes Inc. Has $1.70 Million Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Key Points

• Federated Hermes Inc. reduced its stake in Northern Oil and Gas by 49.4%, now owning 56,376 shares valued at $1.7 million after selling 54,955 shares in the first quarter.
• Northern Oil and Gas reported a net margin of 23.62% and quarterly revenue of $706.81 million, significantly exceeding analyst estimates.
• The company announced a quarterly dividend of $0.45 per share, yielding 7.2%, with the payment scheduled for October 31st.

Federated Hermes Inc. cut its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 49.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 56,376 shares of the company's stock after selling 54,955 shares during the period. Federated Hermes Inc. owned about 0.06% of Northern Oil and Gas worth $1,704,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of NOG. Raymond James Financial Inc. bought a new stake in shares of Northern Oil and Gas in the 4th quarter valued at $21,691,000. Natixis bought a new stake in shares of Northern Oil and Gas in the fourth quarter worth about $7,503,000. Allspring Global Investments Holdings LLC raised its position in shares of Northern Oil and Gas by 12.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company's stock worth $46,429,000 after purchasing an additional 173,092 shares during the period. Jump Financial LLC bought a new position in shares of Northern Oil and Gas during the 4th quarter valued at about $6,423,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Northern Oil and Gas during the 4th quarter valued at about $5,906,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NOG shares. Piper Sandler reissued a "neutral" rating and set a $25.00 target price (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Citigroup upped their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Bank of America raised their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Mizuho cut their price objective on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy 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 $38.11.

Northern Oil and Gas Stock Down 0.5%

NOG traded down $0.13 during trading hours on Friday, hitting $24.53. 1,766,056 shares of the company's stock were exchanged, compared to its average volume of 1,961,661. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of 4.05 and a beta of 1.55. Northern Oil and Gas, Inc. has a 1-year low of $19.88 and a 1-year high of $44.31. The stock's 50-day moving average is $28.84 and its two-hundred day moving average is $29.11. The company has a quick ratio of 0.92, a current ratio of 1.21 and a debt-to-equity ratio of 0.98.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted 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. The company had revenue of $706.81 million during the quarter, compared to the consensus estimate of $555.54 million. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The company's quarterly revenue was up 26.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 EPS. Sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 7.3%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is currently 29.70%.

About Northern Oil and Gas

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.