Woodline Partners LP Purchases 212,420 Shares of Northern Oil and Gas, Inc. $NOG

Key Points

• Woodline Partners LP increased its stake in Northern Oil and Gas by 791.9%, acquiring an additional 212,420 shares during the first quarter, bringing its total holdings to 239,245 shares valued at approximately $7.2 million.
• Northern Oil and Gas reported a net income of $1.37 per share in its latest quarterly earnings, surpassing analyst expectations by $0.50 and achieving a 26% year-over-year revenue increase to $706.81 million.
• The company declared a quarterly dividend of $0.45 per share, reflecting an annual yield of 7.1%, with the dividend payout ratio currently at 29.70%.

Woodline Partners LP grew its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 791.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 239,245 shares of the company's stock after purchasing an additional 212,420 shares during the quarter. Woodline Partners LP owned approximately 0.24% of Northern Oil and Gas worth $7,232,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. American Century Companies Inc. increased its position in shares of Northern Oil and Gas by 6.4% during the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock valued at $210,201,000 after purchasing an additional 415,781 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock valued at $129,939,000 after purchasing an additional 1,001,493 shares during the last quarter. Channing Capital Management LLC increased its position in shares of Northern Oil and Gas by 8.7% during the 1st quarter. Channing Capital Management LLC now owns 1,920,258 shares of the company's stock valued at $58,049,000 after purchasing an additional 153,635 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of 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 purchasing an additional 36,507 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Northern Oil and Gas by 12.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company's stock valued at $46,429,000 after purchasing an additional 173,092 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of NYSE NOG traded up $0.34 during midday trading on Thursday, hitting $26.21. 440,955 shares of the company's stock were exchanged, compared to its average volume of 1,786,503. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 4.33 and a beta of 1.67. The business's fifty day moving average price is $26.18 and its two-hundred day moving average price is $27.10.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings data 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 return on equity of 22.12% and a net margin of 23.62%.The company had revenue of $706.81 million during the quarter, compared to analyst estimates of $555.54 million. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Northern Oil and Gas's revenue was up 26.0% on a year-over-year basis. As a group, research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm 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 dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. Northern Oil and Gas's payout ratio is presently 29.70%.

Wall Street Analysts Forecast Growth

NOG has been the subject of several research analyst reports. Bank of America raised their target price 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. Mizuho decreased their price objective on Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating for the company in a report on Monday. Morgan Stanley lowered Northern Oil and Gas from a "positive" rating to an "underweight" rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Monday, August 18th. William Blair initiated coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Piper Sandler reissued a "neutral" rating and issued a $25.00 price objective (down previously from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.44.

About Northern Oil and Gas

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.