Raymond James Financial Inc. Boosts Stock Holdings in Northern Oil and Gas, Inc. $NOG

Key Points

• Raymond James Financial Inc. increased its holdings in Northern Oil and Gas, Inc. by 9.9%, owning 641,354 shares valued at approximately $19.39 million after purchasing an additional 57,635 shares.
• Northern Oil and Gas reported a quarterly EPS of $1.37, exceeding analysts' expectations of $0.87, with revenues of $706.81 million, reflecting a 26% year-over-year increase.
• The company declared a quarterly dividend of $0.45, translating to an annualized dividend yield of 7.1%, with a payout ratio of 29.70%.

Raymond James Financial Inc. grew its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 9.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 641,354 shares of the company's stock after purchasing an additional 57,635 shares during the period. Raymond James Financial Inc. owned approximately 0.65% of Northern Oil and Gas worth $19,388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NOG. Marshall Wace LLP increased its position in Northern Oil and Gas by 9.7% during the 4th quarter. Marshall Wace LLP now owns 9,540 shares of the company's stock worth $355,000 after purchasing an additional 840 shares during the period. MetLife Investment Management LLC increased its position in Northern Oil and Gas by 4.5% during the 4th quarter. MetLife Investment Management LLC now owns 59,818 shares of the company's stock worth $2,223,000 after purchasing an additional 2,581 shares during the period. Tower Research Capital LLC TRC increased its position in Northern Oil and Gas by 187.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,347 shares of the company's stock worth $87,000 after purchasing an additional 1,530 shares during the period. State of Tennessee Department of Treasury increased its position in Northern Oil and Gas by 16.5% during the 4th quarter. State of Tennessee Department of Treasury now owns 26,892 shares of the company's stock worth $999,000 after purchasing an additional 3,805 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Northern Oil and Gas by 11.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 67,746 shares of the company's stock worth $2,518,000 after purchasing an additional 6,989 shares during the period. Institutional investors and hedge funds own 98.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Morgan Stanley lowered Northern Oil and Gas from a "positive" rating to an "underweight" rating and decreased their price target for the stock from $29.00 to $27.00 in a research note on Monday, August 18th. Bank of America boosted their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Piper Sandler reissued a "neutral" rating and set a $25.00 price target (down previously from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Finally, Royal Bank Of Canada decreased their price target on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating on the stock in a research note on Monday, July 14th. One research 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 stock. According to data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of "Moderate Buy" and an average price target of $36.89.

Northern Oil and Gas Trading Down 0.0%

NOG stock traded down $0.01 during midday trading on Friday, hitting $26.19. The stock had a trading volume of 1,069,025 shares, compared to its average volume of 1,899,712. The firm has a market cap of $2.56 billion, a PE ratio of 5.03 and a beta of 1.55. 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 12-month low of $19.88 and a 12-month high of $44.31. The company's 50-day moving average price is $27.20 and its 200 day moving average price is $27.84.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $1.37 EPS for the quarter, topping the consensus estimate of $0.87 by $0.50. The firm had revenue of $706.81 million during 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%. Northern Oil and Gas's revenue for the quarter was up 26.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 EPS. On average, equities research analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share 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 31st. Shareholders of record on Monday, September 29th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's payout ratio is presently 29.70%.

Northern Oil and Gas 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.