Hodges Capital Management Inc. Has $665,000 Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Hodges Capital Management Inc. reduced its stake in Northern Oil and Gas by 48.2%, owning 21,995 shares worth approximately $665,000 after selling 20,465 shares in the first quarter.
• Despite the decrease in Hodges' holdings, other institutional investors such as Pinnacle Holdings LLC and Jones Financial Companies Lllp have increased their positions in Northern Oil and Gas.
• Northern Oil and Gas reported a strong quarter with earnings per share of $1.37, exceeding estimates, and announced a quarterly dividend of $0.45 per share, representing a 7.1% dividend yield.

Hodges Capital Management Inc. trimmed its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 48.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,995 shares of the company's stock after selling 20,465 shares during the quarter. Hodges Capital Management Inc.'s holdings in Northern Oil and Gas were worth $665,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Pinnacle Holdings LLC acquired a new stake in shares of Northern Oil and Gas during the first quarter worth $28,000. Signaturefd LLC raised its holdings in shares of Northern Oil and Gas by 60.0% during the first quarter. Signaturefd LLC now owns 1,080 shares of the company's stock worth $33,000 after purchasing an additional 405 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock worth $33,000 after purchasing an additional 713 shares during the period. Byrne Asset Management LLC raised its holdings in shares of Northern Oil and Gas by 54.9% during the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock worth $41,000 after purchasing an additional 483 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Northern Oil and Gas by 127.7% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock worth $45,000 after purchasing an additional 835 shares during the period. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Trading Up 1.2%

Shares of NOG traded up $0.32 during midday trading on Thursday, hitting $26.19. The stock had a trading volume of 658,125 shares, compared to its average volume of 1,787,389. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The business has a 50-day simple moving average of $26.18 and a two-hundred day simple moving average of $27.10. The firm has a market cap of $2.56 billion, a P/E ratio of 4.32 and a beta of 1.67. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The company had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same period last year, the company posted $1.46 earnings per share. The business's revenue for the quarter was up 26.0% on a year-over-year basis. As a group, equities analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is currently 29.70%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. 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 report on Monday, August 4th. Mizuho dropped their price objective on shares of Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating on the stock in a report on Monday. William Blair began coverage on shares of Northern Oil and Gas in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Morgan Stanley cut shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and lowered their target price for the company from $29.00 to $27.00 in a research note on Monday, August 18th. Finally, Citigroup raised their price objective on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $36.44.

Northern Oil and Gas 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.