Rafferty Asset Management LLC Sells 16,751 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Rafferty Asset Management LLC lessened its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 123,027 shares of the company's stock after selling 16,751 shares during the quarter. Rafferty Asset Management LLC owned 0.12% of Northern Oil and Gas worth $4,572,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Headlands Technologies LLC purchased a new stake in Northern Oil and Gas during the fourth quarter valued at $29,000. Blue Trust Inc. increased its position in Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after acquiring an additional 801 shares during the last quarter. Avior Wealth Management LLC increased its position in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock valued at $51,000 after acquiring an additional 259 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Northern Oil and Gas during the fourth quarter valued at $66,000. Finally, Smartleaf Asset Management LLC grew its holdings in Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock valued at $77,000 after purchasing an additional 1,570 shares during the period. Hedge funds and other institutional investors own 98.80% of the company's stock.

Insider Activity at Northern Oil and Gas

In other news, Director Bahram Akradi purchased 40,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the purchase, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This represents a 2.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O'grady purchased 1,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the purchase, the chief executive officer now owns 226,189 shares of the company's stock, valued at $6,215,673.72. The trade was a 0.44% increase in their position. The disclosure for this purchase can be found here. 2.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NOG has been the subject of a number of analyst reports. Bank of America upped their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research report on Friday. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Citigroup reduced their price target on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Raymond James restated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Finally, Piper Sandler reduced their price target on Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $39.67.

Northern Oil and Gas Price Performance

Shares of NYSE NOG traded up $0.14 during mid-day trading on Friday, reaching $26.98. The company's stock had a trading volume of 1,163,199 shares, compared to its average volume of 1,534,332. The firm has a market capitalization of $2.66 billion, a PE ratio of 5.25 and a beta of 1.47. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The stock has a fifty day moving average of $26.18 and a two-hundred day moving average of $33.40. Northern Oil and Gas, Inc. has a 52 week low of $19.88 and a 52 week high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.21. The firm had revenue of $602.10 million during the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business's quarterly revenue was up 51.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.28 earnings per share. As a group, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has approved a share repurchase plan on Tuesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 3.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.67%. The ex-dividend date is Friday, June 27th. Northern Oil and Gas's payout ratio is presently 28.04%.

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.