Requisite Capital Management LLC Invests $10.52 Million in Northern Oil and Gas, Inc. $NOG

Key Points

• Requisite Capital Management acquired 565,547 shares of Northern Oil and Gas valued at approximately $10.52 million, making NOG its seventh-largest holding and representing 1.7% of its portfolio. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.2 million, up 5.4% year over year and above estimates, but earnings per share of $1.13 missed expectations by $0.05. The company announced a $0.45 quarterly dividend, equivalent to a 7.1% annualized yield.
• Analyst sentiment remains mixed, with four Buy, four Hold and two Sell ratings; the consensus rating is Hold with a $30.62 price target. NOG shares opened at $25.47, while Director Bahram Akradi also increased his position by purchasing 25,760 shares.

Requisite Capital Management LLC purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 565,547 shares of the company's stock, valued at approximately $10,519,000. Northern Oil and Gas accounts for 1.7% of Requisite Capital Management LLC's portfolio, making the stock its 7th biggest holding. Requisite Capital Management LLC owned 0.52% of Northern Oil and Gas at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NOG. Plato Investment Management Ltd acquired a new stake in Northern Oil and Gas in the second quarter valued at about $210,000. Bank of New York Mellon Corp purchased a new position in shares of Northern Oil and Gas during the 2nd quarter worth approximately $26,769,000. State of Wyoming acquired a new stake in shares of Northern Oil and Gas in the 2nd quarter valued at approximately $63,000. Doliver Advisors LP lifted its holdings in shares of Northern Oil and Gas by 6.1% in the 2nd quarter. Doliver Advisors LP now owns 37,346 shares of the company's stock valued at $678,000 after buying an additional 2,155 shares during the period. Finally, Byrne Asset Management LLC lifted its holdings in shares of Northern Oil and Gas by 10,630.0% in the 2nd quarter. Byrne Asset Management LLC now owns 10,730 shares of the company's stock valued at $195,000 after buying an additional 10,630 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Bahram Akradi purchased 25,760 shares of the firm's stock in a transaction on Monday, June 22nd. The shares were bought at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company's stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.80% of the company's stock.

Northern Oil and Gas Trading Up 4.0%

NYSE:NOG opened at $25.47 on Tuesday. The company has a market capitalization of $2.71 billion, a PE ratio of -4.92 and a beta of 0.70. 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, Inc. has a 52-week low of $17.18 and a 52-week high of $31.17. The stock has a fifty day simple moving average of $20.46 and a 200-day simple moving average of $24.10.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its earnings results 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). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The business had revenue of $745.24 million for the quarter, compared to analysts' expectations of $594.09 million. During the same quarter last year, the business posted $1.37 earnings per share. The business's revenue was up 5.4% compared to the same quarter last year. On average, equities research analysts expect that Northern Oil and Gas, Inc. will post 3.53 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 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a yield of 7.1%. Northern Oil and Gas's payout ratio is presently -34.75%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NOG. Wall Street Zen raised Northern Oil and Gas from a "hold" rating to a "buy" rating in a report on Saturday. Johnson Rice downgraded Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price for the company. in a report on Wednesday, May 20th. Weiss Ratings upgraded shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Raymond James Financial reaffirmed an "outperform" rating and set a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Finally, Citigroup cut their price target on shares of Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a report on Monday, July 20th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas has an average rating of "Hold" and a consensus target price of $30.62.

Northern Oil and Gas Company 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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