Rhumbline Advisers Lowers Stock Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Rhumbline Advisers reduced its stake in Northern Oil and Gas by 4.5%, owning approximately 272,178 shares valued at $8.2 million after the sale.
• Several institutional investors modified their holdings, with Woodline Partners LP increasing its position by 791.9% to own 239,245 shares valued at $7.2 million.
• Northern Oil and Gas reported a net margin of 23.62% and revenue growth of 26% year-over-year, generating $706.81 million in revenue for the recent quarter.

Rhumbline Advisers lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 4.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 272,178 shares of the company's stock after selling 12,896 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Northern Oil and Gas worth $8,228,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Strs Ohio bought a new position in shares of Northern Oil and Gas during the first quarter valued at approximately $88,000. Geneos Wealth Management Inc. raised its holdings in shares of Northern Oil and Gas by 11.5% during the first quarter. Geneos Wealth Management Inc. now owns 7,361 shares of the company's stock valued at $223,000 after acquiring an additional 761 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of Northern Oil and Gas by 41.8% during the first quarter. Intech Investment Management LLC now owns 46,453 shares of the company's stock valued at $1,404,000 after acquiring an additional 13,690 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Northern Oil and Gas by 791.9% during the first quarter. Woodline Partners LP now owns 239,245 shares of the company's stock valued at $7,232,000 after acquiring an additional 212,420 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Northern Oil and Gas by 5.0% during the first quarter. Empowered Funds LLC now owns 65,217 shares of the company's stock valued at $1,972,000 after acquiring an additional 3,124 shares in the last quarter. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Performance

NYSE:NOG traded down $0.26 on Friday, hitting $25.50. The stock had a trading volume of 844,977 shares, compared to its average volume of 1,437,372. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 4.88 and a beta of 1.67. 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 business's 50-day simple moving average is $26.46 and its two-hundred day simple moving average is $27.16. 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 announced its earnings results 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 business had revenue of $706.81 million for the quarter, compared to analysts' expectations of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The business's revenue for the quarter was up 26.0% on a year-over-year basis. During the same period last year, the firm posted $1.46 earnings per share. As a group, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Monday, September 29th. Northern Oil and Gas's payout ratio is presently 29.70%.

Analysts Set New Price Targets

A number of brokerages recently commented on NOG. Citigroup upped their target price on Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. William Blair began coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an "outperform" rating for the company. Royal Bank Of Canada decreased their price objective on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a report on Monday, July 14th. Morgan Stanley downgraded Northern Oil and Gas from a "positive" rating to an "underweight" rating and decreased their price objective for the stock from $29.00 to $27.00 in a report on Monday, August 18th. Finally, Bank of America increased their price objective on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.89.

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.