Odyssean LLC Makes New Investment in Northern Oil and Gas, Inc. $NOG

Key Points

• Odyssean LLC purchased 46,719 shares of Northern Oil and Gas in the second quarter, valued at approximately $848,000. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, exceeding estimates, but earnings per share of $1.13 fell short of the $1.18 consensus forecast. The stock opened at $26.01, down 1.6%.
• The company announced a quarterly dividend of $0.45 per share, equivalent to $1.80 annually and a 6.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.62.

Odyssean LLC purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 46,719 shares of the company's stock, valued at approximately $848,000.

Several other institutional investors have also modified their holdings of NOG. Kennedy Capital Management LLC grew its holdings in shares of Northern Oil and Gas by 17.0% during the fourth quarter. Kennedy Capital Management LLC now owns 884,006 shares of the company's stock worth $18,980,000 after buying an additional 128,545 shares in the last quarter. Easterly Investment Partners LLC raised its position in Northern Oil and Gas by 32.7% in the 4th quarter. Easterly Investment Partners LLC now owns 187,146 shares of the company's stock valued at $4,018,000 after buying an additional 46,136 shares during the last quarter. Vanguard Group Inc. lifted its stake in Northern Oil and Gas by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company's stock valued at $233,453,000 after acquiring an additional 141,499 shares in the last quarter. Collar Capital Management LLC bought a new stake in Northern Oil and Gas in the 4th quarter valued at approximately $2,877,000. Finally, Bank of America Corp DE boosted its position in Northern Oil and Gas by 18.5% during the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company's stock worth $36,410,000 after acquiring an additional 194,861 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Down 1.6%

NOG stock opened at $26.01 on Thursday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The business has a 50 day moving average price of $21.31 and a two-hundred day moving average price of $24.19. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -5.02 and a beta of 0.70. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.05). The company had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The company's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.37 EPS. Analysts anticipate that Northern Oil and Gas, Inc. will post 3.79 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.9%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas's payout ratio is presently -34.75%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOG. Raymond James Financial reaffirmed an "outperform" rating and set a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Johnson Rice cut shares of Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price for the company. in a report on Wednesday, May 20th. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Mizuho upgraded shares of Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. Finally, Wall Street Zen raised shares of Northern Oil and Gas from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of "Hold" and an average price target of $30.62.

Insider Transactions at Northern Oil and Gas

In other news, Director Bahram Akradi purchased 25,760 shares of the company's stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the transaction, the director owned 1,713,444 shares of the company's stock, valued at $33,240,813.60. The trade was a 1.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.80% of the company's stock.

Northern Oil and Gas Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company's primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

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