First National Bank of Omaha Buys Shares of 76,613 Northern Oil and Gas, Inc. $NOG

Key Points

• First National Bank of Omaha purchased 76,613 shares of Northern Oil and Gas worth approximately $1.39 million, while institutional investors and hedge funds collectively owned 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, exceeding estimates, but earnings per share of $1.13 missed consensus by $0.05. Revenue increased 5.4% year over year.
• The company declared a quarterly dividend of $0.45, equivalent to an annualized $1.80 payout and a 6.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.62.

First National Bank of Omaha purchased a new position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 76,613 shares of the company's stock, valued at approximately $1,391,000. First National Bank of Omaha owned about 0.07% of Northern Oil and Gas at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in NOG. Bank of New York Mellon Corp bought a new position in Northern Oil and Gas during the 2nd quarter valued at $26,769,000. First Trust Advisors LP increased its position in shares of 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 purchasing an additional 629,197 shares during the last quarter. Requisite Capital Management LLC bought a new stake in shares of Northern Oil and Gas in the 2nd quarter worth about $10,519,000. Bridgeway Capital Management LLC acquired a new stake in shares of Northern Oil and Gas in the 3rd quarter valued at about $11,295,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Northern Oil and Gas in the 1st quarter valued at about $8,115,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $26.08 on Thursday. 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, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The firm has a 50-day simple moving average of $20.64 and a 200 day simple moving average of $24.12. The company has a market cap of $2.78 billion, a PE ratio of -5.04 and a beta of 0.70.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data 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 business had revenue of $745.24 million for the quarter, compared to analyst estimates of $594.09 million. During the same quarter last year, the company earned $1.37 EPS. Northern Oil and Gas's revenue was up 5.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 3.53 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. Northern Oil and Gas's dividend payout ratio (DPR) is -34.75%.

Wall Street Analyst Weigh In

A number of research firms recently commented on NOG. Mizuho upgraded Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Raymond James Financial restated an "outperform" rating and set a $28.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. 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 report on Wednesday, May 20th. Finally, Citigroup decreased their target price on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of "Hold" and an average price target of $30.62.

Insider Activity

In related news, Director Bahram Akradi acquired 25,760 shares of Northern Oil and Gas stock in a transaction that occurred on 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 transaction, the director directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.80% of the company's stock.

About Northern Oil and Gas

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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