Raymond James Financial Inc. Acquires 57,635 Shares of 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. boosted its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 641,354 shares of the company's stock after acquiring 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 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank Of Canada cut 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 report on Monday, July 14th. William Blair assumed coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Bank of America boosted their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Mizuho cut their price target on Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.89.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock traded down $0.01 on Monday, hitting $26.19. The stock had a trading volume of 1,069,025 shares, compared to its average volume of 1,770,415. Northern Oil and Gas, Inc. has a twelve month low of $19.88 and a twelve month high of $44.31. The business's 50 day moving average is $27.13 and its two-hundred day moving average is $27.68. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 4.32 and a beta of 1.67.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.37 EPS for the quarter, beating the consensus estimate of $0.87 by $0.50. The company had revenue of $706.81 million for the quarter, compared to the consensus estimate of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The firm's revenue for the quarter was up 26.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.46 earnings per share. Analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

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

Northern Oil and Gas Company 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.