Rhumbline Advisers Sells 12,896 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Rhumbline Advisers lowered its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 272,178 shares of the company's stock after selling 12,896 shares during the period. Rhumbline Advisers owned 0.27% of Northern Oil and Gas worth $8,228,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NOG. First Horizon Advisors Inc. increased its holdings in shares of Northern Oil and Gas by 9.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company's stock worth $129,000 after purchasing an additional 289 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Northern Oil and Gas by 2.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company's stock worth $487,000 after purchasing an additional 298 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in shares of Northern Oil and Gas by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company's stock worth $386,000 after purchasing an additional 329 shares in the last quarter. Legato Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 5.8% in the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company's stock worth $237,000 after purchasing an additional 349 shares in the last quarter. Finally, Isthmus Partners LLC increased its holdings in shares of Northern Oil and Gas by 0.9% in the 4th quarter. Isthmus Partners LLC now owns 48,354 shares of the company's stock worth $1,797,000 after purchasing an additional 411 shares in the last quarter. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Performance

NYSE NOG traded up $1.06 on Friday, hitting $32.21. 5,194,679 shares of the company traded hands, compared to its average volume of 1,570,962. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 6.27 and a beta of 1.51. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The business's 50 day moving average price is $26.24 and its 200-day moving average price is $32.14. Northern Oil and Gas, Inc. has a 52-week low of $19.88 and a 52-week high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.21. The company had revenue of $602.10 million for the quarter, compared to the consensus estimate of $568.87 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. Northern Oil and Gas's quarterly revenue was up 51.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 earnings per share. Equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 5.59%. Northern Oil and Gas's dividend payout ratio is presently 28.04%.

Northern Oil and Gas announced that its board has approved a share buyback plan on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on NOG. Citigroup reduced their target price on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Raymond James reissued a "strong-buy" rating on shares of Northern Oil and Gas in a report on Tuesday, May 13th. Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Morgan Stanley dropped their price target on Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating on the stock in a research note on Thursday, March 27th. Finally, Royal Bank of Canada dropped their price target on Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $39.67.

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.