Penn Capital Management Company LLC Has $8.40 Million Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Penn Capital Management reduced its Northern Oil and Gas position by 17.5% in the second quarter, selling 98,023 shares and retaining 462,547 shares valued at approximately $8.4 million. Institutional investors collectively own 98.8% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and average price target of $30.62. Northern Oil and Gas reported quarterly EPS of $1.13, below the $1.18 estimate, while revenue of $745.24 million exceeded expectations.
• The company declared a quarterly dividend of $0.45 per share, equating to an annualized payout of $1.80 and a 7.0% yield; Director Bahram Akradi also purchased 25,760 shares for nearly $500,000.

Penn Capital Management Company LLC lessened its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 17.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 462,547 shares of the company's stock after selling 98,023 shares during the period. Penn Capital Management Company LLC owned about 0.43% of Northern Oil and Gas worth $8,404,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Kennedy Capital Management LLC increased its position in 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 during the last quarter. Easterly Investment Partners LLC lifted its position in shares of Northern Oil and Gas by 32.7% in the fourth 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 position in shares of Northern Oil and Gas by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company's stock valued at $233,453,000 after buying an additional 141,499 shares during the last quarter. Collar Capital Management LLC bought a new position in shares of Northern Oil and Gas during the 4th quarter worth approximately $2,877,000. Finally, Bank of America Corp DE boosted its stake in shares of 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 period. 98.80% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Northern Oil and Gas news, Director Bahram Akradi acquired 25,760 shares of the company's stock in a transaction on Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company's stock, valued at $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.80% of the company's stock.

Analyst Ratings Changes

NOG has been the topic of a number of research analyst reports. Mizuho upgraded Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. 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. Citigroup decreased their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Wall Street Zen upgraded shares of Northern Oil and Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Finally, Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $30.62.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG opened at $25.74 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.80. The stock's fifty day moving average price is $21.57 and its two-hundred day moving average price is $24.20. Northern Oil and Gas, Inc. has a one year low of $17.18 and a one year high of $31.17. The firm has a market cap of $2.74 billion, a price-to-earnings ratio of -4.97 and a beta of 0.70.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.05). The firm 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 firm's quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.37 EPS. On average, equities analysts forecast that Northern Oil and Gas, Inc. will post 3.79 EPS for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, 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 7.0%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is currently -34.75%.

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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