AlphaQuest LLC Purchases 10,880 Shares of Northern Oil and Gas, Inc. $NOG

Key Points

• AlphaQuest LLC increased its stake in Northern Oil and Gas, Inc. by 33.3%, bringing their total holdings to 43,576 shares valued at approximately $1.32 million.
• Analyst ratings for Northern Oil and Gas are mixed, showing a consensus of "Moderate Buy" with a target price of $36.89, despite varying opinions from firms like Citigroup and Morgan Stanley.
• The company reported strong quarterly earnings, exceeding expectations with an EPS of $1.37 and revenue of $706.81 million, indicating a 26% increase year-over-year.

AlphaQuest LLC raised its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,576 shares of the company's stock after purchasing an additional 10,880 shares during the period. AlphaQuest LLC's holdings in Northern Oil and Gas were worth $1,317,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. American Century Companies Inc. increased its holdings in shares of Northern Oil and Gas by 6.4% in the first 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 holdings in shares of Northern Oil and Gas by 30.4% in the first 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 holdings in shares of Northern Oil and Gas by 8.7% in the first 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 holdings in shares of Northern Oil and Gas by 2.3% in the first 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 holdings in shares of Northern Oil and Gas by 12.5% in the first 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 currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock traded up $0.45 during trading on Thursday, reaching $26.21. The company's stock had a trading volume of 1,065,580 shares, compared to its average volume of 1,825,623. Northern Oil and Gas, Inc. has a 52 week low of $19.88 and a 52 week high of $44.31. The business's 50-day moving average price is $27.40 and its 200-day moving average price is $27.98. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. The firm has a market cap of $2.56 billion, a PE ratio of 4.33 and a beta of 1.55.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $1.37 earnings per share 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 business had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same quarter in the prior year, the business posted $1.46 earnings per share. Northern Oil and Gas's revenue was up 26.0% compared to the same quarter last year. Equities analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given 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 yield of 6.9%. Northern Oil and Gas's dividend payout ratio is currently 29.70%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Piper Sandler reiterated a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Raymond James Financial reissued a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. William Blair assumed coverage on shares of Northern Oil and Gas in a research report on Monday. They issued an "outperform" rating for the company. Bank of America boosted 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 report on Friday, May 23rd. Finally, Mizuho reduced their target price on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. One investment 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.89.

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.