Ninepoint Partners LP Acquires Shares of 100,000 Northern Oil and Gas, Inc. $NOG

Key Points

• Ninepoint Partners LP acquired 100,000 shares of Northern Oil and Gas worth approximately $1.815 million, giving it a 0.09% stake. Institutional investors collectively own 98.8% of the company.
• Analyst sentiment is mixed, with four Buy, four Hold, and two Sell ratings; the consensus rating is Hold with a $30.62 price target.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, exceeding estimates, but earnings of $1.13 per share missed expectations. The company declared a quarterly dividend of $0.45 per share, representing a 6.7% annualized yield.

Ninepoint Partners LP acquired a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 100,000 shares of the company's stock, valued at approximately $1,815,000. Ninepoint Partners LP owned about 0.09% of Northern Oil and Gas at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company's stock valued at $1,233,000 after purchasing an additional 14,492 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Northern Oil and Gas by 3.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company's stock worth $1,763,000 after purchasing an additional 1,865 shares in the last quarter. Jones Financial Companies Lllp grew its position in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock worth $33,000 after purchasing an additional 713 shares in the last quarter. Empowered Funds LLC increased its stake in Northern Oil and Gas by 5.0% in the 1st quarter. Empowered Funds LLC now owns 65,217 shares of the company's stock valued at $1,972,000 after buying an additional 3,124 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in Northern Oil and Gas by 41.8% in the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company's stock valued at $1,404,000 after buying an additional 13,690 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NOG shares. Citigroup cut their target price on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Johnson Rice downgraded Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 price target for the company. in a research report on Wednesday, May 20th. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Wall Street Zen upgraded Northern Oil and Gas from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $28.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas currently has an average rating of "Hold" and a consensus target price of $30.62.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi purchased 25,760 shares of the business's stock in a transaction dated Monday, June 22nd. The stock was bought at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the purchase, the director owned 1,713,444 shares of the company's stock, valued at $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.80% of the stock is owned by corporate insiders.

Northern Oil and Gas Stock Up 3.0%

Northern Oil and Gas stock opened at $26.85 on Friday. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17. The firm has a 50 day moving average price of $20.77 and a 200-day moving average price of $24.13. The company has a market capitalization of $2.86 billion, a P/E ratio of -5.18 and a beta of 0.70. 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 (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $745.24 million during the quarter, compared to the consensus estimate of $594.09 million. During the same period last year, the firm posted $1.37 EPS. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 3.6 EPS for the current year.

Northern Oil and Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.7%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas's dividend payout ratio is currently -34.75%.

Northern Oil and Gas Company Profile

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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