Federated Hermes Inc. Sells 54,955 Shares of 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. lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 49.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,376 shares of the company's stock after selling 54,955 shares during the quarter. 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 and other institutional investors also recently modified their holdings of the business. TCTC Holdings LLC grew its stake in Northern Oil and Gas by 20.0% in the 1st quarter. TCTC Holdings LLC now owns 12,000 shares of the company's stock valued at $363,000 after buying an additional 2,000 shares in the last quarter. First National Advisers LLC purchased a new stake in shares of Northern Oil and Gas during the first quarter worth $344,000. LPL Financial LLC boosted its holdings in shares of Northern Oil and Gas by 20.7% in the first quarter. LPL Financial LLC now owns 78,146 shares of the company's stock worth $2,362,000 after acquiring an additional 13,377 shares during the period. Cetera Investment Advisers grew its position in shares of Northern Oil and Gas by 12.6% in the first quarter. Cetera Investment Advisers now owns 15,484 shares of the company's stock valued at $468,000 after purchasing an additional 1,735 shares in the last quarter. Finally, Denali Advisors LLC raised its stake in shares of Northern Oil and Gas by 120.8% during the 1st quarter. Denali Advisors LLC now owns 161,360 shares of the company's stock valued at $4,878,000 after purchasing an additional 88,273 shares during the period. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Down 1.9%

Northern Oil and Gas stock traded down $0.47 during trading hours on Thursday, hitting $24.57. 3,145,741 shares of the stock traded hands, compared to its average volume of 1,843,718. The company has a current ratio of 1.21, a quick ratio of 0.92 and a debt-to-equity ratio of 0.98. Northern Oil and Gas, Inc. has a one year low of $19.88 and a one year high of $44.31. The company has a market cap of $2.40 billion, a PE ratio of 4.05 and a beta of 1.55. The firm's 50-day moving average price is $28.88 and its two-hundred day moving average price is $29.22.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.50. The company had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. Northern Oil and Gas's revenue was up 26.0% on a year-over-year basis. During the same period last year, the company posted $1.46 EPS. On average, research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS 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 31st. Stockholders of record on Monday, September 29th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 7.3%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's dividend payout ratio is currently 29.70%.

Wall Street Analyst Weigh In

NOG has been the topic of several recent analyst reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Mizuho cut their price objective on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating for the company in a report on Wednesday, July 16th. Piper Sandler restated a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday. Bank of America lifted their target price on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada decreased their price target on shares of 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. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $38.11.

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.