Public Employees Retirement System of Ohio Reduces Stock Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Ohio’s public employees’ retirement system cut its Northern Oil and Gas stake by 93.4% in the second quarter, selling 48,294 shares and retaining 3,389 shares valued at approximately $62,000. Institutional investors still own 98.8% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $31.00; Citigroup lowered its target to $28, while other firms issued Buy, Hold, or Sell ratings.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, above expectations, but missed EPS estimates by $0.05. The company declared a $0.45 quarterly dividend, equivalent to a $1.80 annualized payout and a 6.8% yield.

Public Employees Retirement System of Ohio cut its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 93.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,389 shares of the company's stock after selling 48,294 shares during the period. Public Employees Retirement System of Ohio's holdings in Northern Oil and Gas were worth $62,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Transamerica Financial Advisors LLC raised its holdings in shares of Northern Oil and Gas by 22.1% in the second quarter. Transamerica Financial Advisors LLC now owns 2,242 shares of the company's stock valued at $42,000 after acquiring an additional 406 shares in the last quarter. Isthmus Partners LLC increased its position in Northern Oil and Gas by 0.8% during the 1st quarter. Isthmus Partners LLC now owns 82,358 shares of the company's stock valued at $2,407,000 after buying an additional 619 shares in the last quarter. Epiq Partners LLC raised its position in shares of Northern Oil and Gas by 1.2% in the 2nd quarter. Epiq Partners LLC now owns 66,452 shares of the company's stock valued at $1,206,000 after purchasing an additional 764 shares during the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Northern Oil and Gas by 7.1% in the first quarter. Maryland State Retirement & Pension System now owns 15,288 shares of the company's stock worth $447,000 after buying an additional 1,020 shares during the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in Northern Oil and Gas during the 1st quarter worth about $33,000. 98.80% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup cut 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 research note on Monday, July 20th. Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Mizuho upgraded Northern Oil and Gas to a "hold" rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Northern Oil and Gas from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $31.00.

Insider Buying and Selling at Northern Oil and Gas

In related news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction dated 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 acquisition, the director owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This represents a 1.53% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.80% of the company's stock.

Northern Oil and Gas Price Performance

Shares of NOG opened at $26.34 on Tuesday. The company has a market cap of $2.81 billion, a P/E ratio of -5.08 and a beta of 0.73. The firm's 50 day moving average price is $23.23 and its 200 day moving average price is $24.15. Northern Oil and Gas, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

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 the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The company had revenue of $745.24 million during the quarter, compared to analysts' expectations of $594.09 million. During the same quarter in the previous year, the business posted $1.37 EPS. The business's quarterly revenue was up 5.4% compared to the same quarter last year. On average, research analysts forecast that Northern Oil and Gas, Inc. will post 3.63 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 6.8%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas's dividend payout ratio (DPR) is -34.75%.

Northern Oil and Gas Profile

Northern Oil and Gas, Inc is an independent exploration and production company focused on acquiring and managing non-operated interests in oil and natural gas properties. Rather than serving as the primary operator of wells, the company invests alongside established operators and participates in the development and production of upstream assets.

The company's portfolio includes interests in producing and undeveloped properties across several major U.S. oil and gas regions, including the Williston Basin, Permian Basin and Uinta Basin.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.