Northern Oil and Gas, Inc. $NOG Stock Holdings Lifted by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC increased its stake in Northern Oil and Gas by 23.2%, owning a total of 151,604 shares worth approximately $4.58 million.
• Northern Oil and Gas recently announced a quarterly dividend of $0.45 per share, representing an annual yield of 6.9%.
• The company reported an earnings per share (EPS) of $1.37 for the last quarter, significantly outperforming analysts' estimates of $0.87.

Rafferty Asset Management LLC boosted its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 151,604 shares of the company's stock after purchasing an additional 28,577 shares during the quarter. Rafferty Asset Management LLC owned about 0.15% of Northern Oil and Gas worth $4,583,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Pinnacle Holdings LLC bought a new stake in Northern Oil and Gas in the 1st quarter valued at about $28,000. Signaturefd LLC lifted its position in Northern Oil and Gas by 60.0% in the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after purchasing an additional 405 shares during the last quarter. Byrne Asset Management LLC lifted its position in Northern Oil and Gas by 54.9% in the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock valued at $41,000 after purchasing an additional 483 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in Northern Oil and Gas by 127.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock valued at $45,000 after purchasing an additional 835 shares during the last quarter. Finally, Headlands Technologies LLC lifted its position in Northern Oil and Gas by 124.6% in the 1st quarter. Headlands Technologies LLC now owns 1,743 shares of the company's stock valued at $53,000 after purchasing an additional 967 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NOG shares. Bank of America lifted their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Piper Sandler restated a "neutral" rating and set a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Mizuho dropped their price target on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 16th. Finally, Citigroup boosted their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Northern Oil and Gas has an average rating of "Moderate Buy" and an average target price of $36.89.

Northern Oil and Gas Price Performance

Shares of NOG traded down $0.01 during mid-day trading on Friday, hitting $26.19. The company's stock had a trading volume of 1,069,025 shares, compared to its average volume of 1,770,415. The firm has a 50-day moving average price of $27.20 and a 200 day moving average price of $27.74. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 4.32 and a beta of 1.67. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.21 and a quick ratio of 1.21. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.50. The company had revenue of $706.81 million for the quarter, compared to analysts' expectations of $555.54 million. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The business's revenue was up 26.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.46 EPS. On average, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. Northern Oil and Gas's payout ratio is currently 29.70%.

About Northern Oil and Gas

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.