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 decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 3.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 approximately 0.33% of Northern Oil and Gas worth $9,863,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Signaturefd LLC grew its stake in shares of Northern Oil and Gas by 60.0% in the first quarter. Signaturefd LLC now owns 1,080 shares of the company's stock worth $33,000 after acquiring an additional 405 shares during the last quarter. Byrne Asset Management LLC raised its holdings in shares of Northern Oil and Gas by 54.9% in the first quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock valued at $41,000 after buying an additional 483 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Northern Oil and Gas by 127.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock worth $45,000 after purchasing an additional 835 shares during the last quarter. Headlands Technologies LLC grew its position in shares of Northern Oil and Gas by 124.6% during the 1st quarter. Headlands Technologies LLC now owns 1,743 shares of the company's stock worth $53,000 after buying an additional 967 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in shares of Northern Oil and Gas during the 1st quarter worth about $54,000. Institutional investors own 98.80% of the company's stock.

Analysts Set New Price Targets

NOG has been the subject of a number of recent research reports. Citigroup upped their price target 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. Royal Bank Of Canada reduced their target price on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a report on Monday, July 14th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Piper Sandler reiterated a "neutral" rating and issued a $25.00 target price (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Finally, Mizuho cut their price objective on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas has an average rating of "Moderate Buy" and a consensus target price of $36.89.

Northern Oil and Gas Trading Up 2.0%

NOG stock traded up $0.4750 during trading on Thursday, hitting $23.7150. 2,120,647 shares of the company traded hands, compared to its average volume of 1,833,756. The firm has a market capitalization of $2.31 billion, a PE ratio of 3.91 and a beta of 1.55. Northern Oil and Gas, Inc. has a 1 year low of $19.88 and a 1 year high of $44.31. The company has a 50-day moving average of $28.05 and a 200-day moving average of $28.35. 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 (NYSE:NOG - Get Free Report) last released 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 return on equity of 22.12% and a net margin of 23.62%.The business had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. During the same quarter last year, the business posted $1.46 EPS. The business's revenue was up 26.0% on a year-over-year basis. Analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business 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. This represents a $1.80 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is 29.70%.

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.