Brandywine Global Investment Management LLC Sells 12,610 Shares of Northern Oil and Gas, Inc. $NOG

Key Points

• Brandywine Global Investment Management LLC reduced its stake in Northern Oil and Gas by 3.7%, selling 12,610 shares and holding a total of 326,251 shares worth approximately $9.86 million at the end of the first quarter.
• Bank of America increased its target price for Northern Oil and Gas from $29.00 to $33.00, maintaining a "buy" rating, while several other firms adjusted their target prices and ratings on the stock.
• Northern Oil and Gas will pay a quarterly dividend of $0.45 on October 31st, which represents a yield of 7.4% based on an annualized payout of $1.80.

Brandywine Global Investment Management LLC lowered its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 326,251 shares of the company's stock after selling 12,610 shares during the quarter. Brandywine Global Investment Management LLC owned 0.33% of Northern Oil and Gas worth $9,863,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of NOG. Signaturefd LLC raised its stake 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 buying an additional 405 shares during the period. Byrne Asset Management LLC increased its holdings in shares of Northern Oil and Gas by 54.9% during the 1st 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. Thurston Springer Miller Herd & Titak Inc. raised its stake in Northern Oil and Gas by 127.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock valued at $45,000 after acquiring an additional 835 shares during the period. Headlands Technologies LLC lifted its holdings in Northern Oil and Gas by 124.6% during the 1st quarter. Headlands Technologies LLC now owns 1,743 shares of the company's stock valued at $53,000 after purchasing an additional 967 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in Northern Oil and Gas during the first quarter worth $54,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Performance

NYSE NOG traded up $1.2250 during trading on Friday, hitting $24.9450. 695,544 shares of the company's stock traded hands, compared to its average volume of 1,829,400. The business has a 50 day moving average of $27.90 and a 200-day moving average of $28.27. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 4.12 and a beta of 1.55.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.50. The company had revenue of $706.81 million during 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 firm's quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 earnings per share. As a group, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently declared 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. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is presently 29.70%.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Morgan Stanley cut shares of 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 report on Monday. Piper Sandler reaffirmed a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Raymond James Financial reissued a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Bank of America increased their price objective 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. Finally, Mizuho reduced their target price on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Northern Oil and Gas currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.89.

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.