Northern Oil and Gas, Inc. $NOG Position Boosted by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank Inc. significantly increased its stake in Northern Oil and Gas by 72.1%, owning 52,500 shares valued at approximately $1.49 million after acquiring an additional 22,000 shares in the second quarter.
• Northern Oil and Gas reported a quarterly earnings per share (EPS) of $1.37, exceeding analysts' estimates of $0.87 and indicating a year-over-year revenue increase of 26%.
• The company is set to pay a $0.45 quarterly dividend on October 31, reflecting an annualized yield of 7.1% and a current payout ratio of 29.7%.

Wesbanco Bank Inc. lifted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 72.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,500 shares of the company's stock after buying an additional 22,000 shares during the period. Wesbanco Bank Inc. owned approximately 0.05% of Northern Oil and Gas worth $1,488,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Pinnacle Holdings LLC purchased a new position in shares of Northern Oil and Gas in the 1st quarter valued at $28,000. Signaturefd LLC raised its holdings in Northern Oil and Gas by 60.0% in the first quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after acquiring an additional 405 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 valued at $33,000 after buying an additional 713 shares in the last quarter. Byrne Asset Management LLC lifted its stake in 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 valued at $41,000 after buying an additional 483 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in Northern Oil and Gas by 127.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock worth $45,000 after buying an additional 835 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG traded down $0.90 during trading on Friday, reaching $25.36. 888,917 shares of the company's stock traded hands, compared to its average volume of 1,788,166. The company has a 50 day moving average of $26.09 and a 200-day moving average of $27.09. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market capitalization of $2.47 billion, a P/E ratio of 4.18 and a beta of 1.67. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31.

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

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's dividend payout ratio is currently 29.70%.

Wall Street Analyst Weigh In

NOG has been the subject of a number of research reports. Morgan Stanley cut Northern Oil and Gas from a "positive" rating to an "underweight" rating and lowered their target price for the stock from $29.00 to $27.00 in a research note on Monday, August 18th. Royal Bank Of Canada lowered their price target on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a research report on Monday, July 14th. Mizuho dropped their price target on Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating for the company in a research report on Monday. Bank of America lifted their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, William Blair started coverage on Northern Oil and Gas in a research report on Monday, August 25th. They set an "outperform" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. 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 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.