King Luther Capital Management Corp Sells 48,224 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Key Points

• King Luther Capital Management Corp reduced its stake in Northern Oil and Gas, Inc. by 54.4% in the first quarter, ending with holdings valued at $1.22 million.
• The company reported a significant earnings surprise with $1.37 EPS for the latest quarter, surpassing estimates of $0.87, and achieving a 26% year-over-year revenue increase.
• Northern Oil and Gas recently announced a quarterly dividend of $0.45, which translates to an annualized yield of 7.3%, reflecting a payout ratio of 29.70%.

King Luther Capital Management Corp decreased its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 54.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,400 shares of the company's stock after selling 48,224 shares during the period. King Luther Capital Management Corp's holdings in Northern Oil and Gas were worth $1,221,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Headlands Technologies LLC increased its position in shares of Northern Oil and Gas by 124.6% in the first quarter. Headlands Technologies LLC now owns 1,743 shares of the company's stock worth $53,000 after acquiring an additional 967 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Northern Oil and Gas by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,141,754 shares of the company's stock valued at $34,515,000 after purchasing an additional 82,855 shares during the period. New Age Alpha Advisors LLC boosted its stake in Northern Oil and Gas by 71.3% during the 1st quarter. New Age Alpha Advisors LLC now owns 10,082 shares of the company's stock valued at $305,000 after acquiring an additional 4,195 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in Northern Oil and Gas by 2.3% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,636,938 shares of the company's stock valued at $49,485,000 after acquiring an additional 36,507 shares during the last quarter. Finally, Vestcor Inc bought a new position in Northern Oil and Gas during the 1st quarter valued at $212,000. Institutional investors and hedge funds own 98.80% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler restated a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Royal Bank Of Canada lowered their target price on shares of Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Monday, July 14th. Bank of America raised 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 note on Friday, May 23rd. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Finally, Mizuho lowered 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 note on Wednesday, July 16th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $38.11.

Northern Oil and Gas Trading Down 1.6%

Northern Oil and Gas stock traded down $0.40 during trading hours on Friday, reaching $24.42. 1,399,039 shares of the company's stock traded hands, compared to its average volume of 1,835,392. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 4.03 and a beta of 1.55. The firm's 50 day moving average is $28.56 and its 200-day moving average is $28.72. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31.

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

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 7.4%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's dividend payout ratio is presently 29.70%.

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.