Harbor Capital Advisors Inc. Raises Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Harbor Capital Advisors Inc. lifted its holdings in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 14.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 161,549 shares of the company's stock after purchasing an additional 20,449 shares during the quarter. Harbor Capital Advisors Inc. owned 0.16% of Northern Oil and Gas worth $4,884,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOG. Raymond James Financial Inc. bought a new stake in Northern Oil and Gas during the fourth quarter worth approximately $21,691,000. Channing Capital Management LLC boosted its holdings in Northern Oil and Gas by 26.8% in the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company's stock worth $65,648,000 after purchasing an additional 373,917 shares in the last quarter. American Century Companies Inc. grew its holdings in Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock valued at $242,937,000 after purchasing an additional 243,531 shares during the last quarter. Natixis acquired a new position in shares of Northern Oil and Gas during the 4th quarter worth about $7,503,000. Finally, Ninepoint Partners LP bought a new position in shares of Northern Oil and Gas during the 4th quarter worth about $7,432,000. 98.80% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NOG shares. Capital One Financial cut shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Citigroup dropped their price target on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Piper Sandler lowered their target price on Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Morgan Stanley lowered their price objective on shares of Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. Finally, Royal Bank of Canada lowered their price target on Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas presently has an average rating of "Hold" and a consensus target price of $39.67.

Northern Oil and Gas Stock Up 3.4%

NYSE:NOG traded up $1.06 during trading hours on Friday, reaching $32.21. The company had a trading volume of 5,194,670 shares, compared to its average volume of 1,569,679. The business's 50-day simple moving average is $26.01 and its two-hundred day simple moving average is $32.21. Northern Oil and Gas, Inc. has a twelve month low of $19.88 and a twelve month high of $44.31. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 6.27 and a beta of 1.51. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $602.10 million during the quarter, compared to analyst estimates of $568.87 million. During the same period in the previous year, the company posted $1.28 EPS. The firm's revenue was up 51.9% compared to the same quarter last year. On average, equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 5.59%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas's payout ratio is currently 28.04%.

Northern Oil and Gas declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Northern Oil and Gas Company Profile

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.