Northern Oil and Gas, Inc. (NYSE:NOG) Shares Bought by Public Sector Pension Investment Board

Key Points

• Public Sector Pension Investment Board increased its stake in Northern Oil and Gas by 27.3%, owning approximately 314,890 shares valued at about $9.52 million as of its latest filing.
• Northern Oil and Gas reported earnings of $1.37 per share for the last quarter, significantly exceeding analyst estimates and reflecting a 26% year-over-year revenue increase to $706.81 million.
• The company also announced a quarterly dividend of $0.45 per share, reflecting a yield of 7.2% and a payout ratio of 29.70%.

Public Sector Pension Investment Board raised its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 27.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 314,890 shares of the company's stock after acquiring an additional 67,491 shares during the period. Public Sector Pension Investment Board owned 0.32% of Northern Oil and Gas worth $9,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its stake in Northern Oil and Gas by 25.3% in the first quarter. State of Alaska Department of Revenue now owns 97,025 shares of the company's stock valued at $2,932,000 after acquiring an additional 19,586 shares during the period. Principal Financial Group Inc. boosted its stake in Northern Oil and Gas by 2.6% in the first quarter. Principal Financial Group Inc. now owns 494,508 shares of the company's stock valued at $14,949,000 after acquiring an additional 12,711 shares during the period. New York State Common Retirement Fund boosted its stake in Northern Oil and Gas by 1.9% in the first quarter. New York State Common Retirement Fund now owns 1,092,152 shares of the company's stock valued at $33,016,000 after acquiring an additional 20,186 shares during the period. Woodline Partners LP acquired a new position in Northern Oil and Gas in the fourth quarter valued at approximately $997,000. Finally, GAMMA Investing LLC boosted its stake in Northern Oil and Gas by 2,067.5% in the first quarter. GAMMA Investing LLC now owns 45,950 shares of the company's stock valued at $1,520,000 after acquiring an additional 43,830 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on NOG shares. Citigroup lifted their target price on Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a research note 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 stock a "buy" rating in a report on Friday, May 23rd. Piper Sandler reissued a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a report on Monday, August 4th. Finally, Royal Bank Of Canada decreased their price objective 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. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $38.11.

Northern Oil and Gas Stock Performance

NOG stock traded down $0.40 on Friday, reaching $24.42. The company's stock had a trading volume of 1,399,039 shares, compared to its average volume of 1,934,076. The firm has a fifty day moving average of $28.48 and a two-hundred day moving average of $28.57. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $2.38 billion, a P/E ratio of 4.67 and a beta of 1.55. 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 issued its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, beating 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 company had revenue of $706.81 million for the quarter, compared to analysts' expectations of $555.54 million. During the same period last year, the firm earned $1.46 EPS. The firm's revenue for the quarter was up 26.0% on a year-over-year basis. As a group, analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

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 given a dividend of $0.45 per share. The ex-dividend date is Monday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.4%. 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.