Northern Oil and Gas, Inc. $NOG Stock Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Northern Oil and Gas position by 8.4% in the second quarter, selling 104,396 shares and retaining 1.14 million shares worth approximately $20.7 million. Institutional investors collectively own 98.8% of the company.
• Analyst sentiment is mixed, with three Buy, four Hold, and two Sell ratings; the stock has an overall Hold rating and an average price target of $31.00.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, exceeding expectations, but EPS of $1.13 missed estimates. The company announced a quarterly dividend of $0.45 per share, representing a 7.6% annualized yield.

Bank of America Corp DE lowered its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 8.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,141,243 shares of the company's stock after selling 104,396 shares during the period. Bank of America Corp DE owned about 1.07% of Northern Oil and Gas worth $20,714,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Freestone Grove Partners LP acquired a new position in Northern Oil and Gas in the 2nd quarter worth about $1,489,000. Odyssean LLC acquired a new position in shares of Northern Oil and Gas during the 2nd quarter worth approximately $848,000. Jupiter Topco LLC purchased a new position in shares of Northern Oil and Gas during the 2nd quarter valued at approximately $756,000. SIR Capital Management L.P. purchased a new position in shares of Northern Oil and Gas during the 2nd quarter valued at approximately $3,815,000. Finally, Legal & General Group Plc acquired a new stake in Northern Oil and Gas in the 2nd quarter valued at $4,613,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOG has been the subject of several recent analyst reports. Raymond James Financial reissued an "outperform" rating and issued a $31.00 price target (up from $28.00) on shares of Northern Oil and Gas in a report on Thursday, September 10th. Mizuho raised shares of Northern Oil and Gas to a "hold" rating in a report on Friday, July 31st. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Finally, Citigroup cut their price objective on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, July 20th. Three 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 company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $31.00.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $23.55 on Friday. The company's 50-day moving average price is $24.03 and its 200-day moving average price is $23.97. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37. The company has a market cap of $2.51 billion, a P/E ratio of -4.55 and a beta of 0.73. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The business had revenue of $745.24 million for the quarter, compared to analysts' expectations of $594.09 million. During the same period in the prior year, the company posted $1.37 EPS. The firm's revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 3.63 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.6%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas's payout ratio is presently -34.75%.

Northern Oil and Gas Profile

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company's portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.

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