Northern Oil and Gas, Inc. (NYSE:NOG) Stake Increased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP increased its holdings in Northern Oil and Gas by 2.3%, acquiring an additional 36,507 shares and now owns 1.66% valued at approximately $49.5 million.
• Northern Oil and Gas reported an earnings per share (EPS) of $1.37 for the last quarter, exceeding analysts' expectations of $0.87, with revenue soaring to $706.81 million.
• The company declared a quarterly dividend of $0.45 per share, resulting in a 7.2% yield and a low payout ratio of 29.70% as of its recent announcement.

Westfield Capital Management Co. LP increased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,636,938 shares of the company's stock after purchasing an additional 36,507 shares during the quarter. Westfield Capital Management Co. LP owned 1.66% of Northern Oil and Gas worth $49,485,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Summit Investment Advisors Inc. lifted its holdings in Northern Oil and Gas by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock valued at $386,000 after purchasing an additional 329 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock worth $33,000 after acquiring an additional 405 shares during the period. Van Den Berg Management I Inc. boosted its holdings in Northern Oil and Gas by 1.2% in the 4th quarter. Van Den Berg Management I Inc. now owns 36,895 shares of the company's stock valued at $1,371,000 after purchasing an additional 446 shares during the last quarter. Byrne Asset Management LLC increased 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 worth $41,000 after acquiring an additional 483 shares during the last quarter. Finally, Fifth Third Bancorp raised its holdings in Northern Oil and Gas by 26.7% in the 1st quarter. Fifth Third Bancorp now owns 2,480 shares of the company's stock valued at $75,000 after buying an additional 523 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

Shares of NOG traded down $0.47 during mid-day trading on Thursday, hitting $24.57. 3,145,741 shares of the company's stock were exchanged, compared to its average volume of 1,899,545. The business's 50 day moving average is $28.88 and its two-hundred day moving average is $29.22. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31. The firm has a market capitalization of $2.40 billion, a P/E ratio of 4.81 and a beta of 1.55. The company has a current ratio of 1.21, a quick ratio of 0.92 and a debt-to-equity ratio of 0.98.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.87 by $0.50. The business had revenue of $706.81 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $1.46 earnings per share. On average, equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share 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 31st. Stockholders of record on Monday, September 29th will be paid 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 7.3%. Northern Oil and Gas's payout ratio is 29.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NOG shares. Mizuho dropped their price objective on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating for the company in a research note on Wednesday, July 16th. Bank of America increased their target price on Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Royal Bank Of Canada decreased 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 report on Monday, July 14th. Citigroup upped their price objective on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a report on Monday. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.11.

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.