Rhumbline Advisers Sells 12,896 Shares of 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 trimmed its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 4.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Signaturefd LLC lifted its stake in shares of Northern Oil and Gas by 60.0% in the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after purchasing an additional 405 shares during the period. Byrne Asset Management LLC lifted its stake in shares of Northern Oil and Gas by 54.9% in the 1st 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 during the period. Fifth Third Bancorp lifted its stake in shares of Northern Oil and Gas by 26.7% in the 1st quarter. Fifth Third Bancorp now owns 2,480 shares of the company's stock valued at $75,000 after purchasing an additional 523 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock valued at $33,000 after purchasing an additional 713 shares during the period. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Northern Oil and Gas by 11.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 7,361 shares of the company's stock valued at $223,000 after purchasing an additional 761 shares during the period. 98.80% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NOG has been the topic of a number of research reports. William Blair initiated coverage on Northern Oil and Gas in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Morgan Stanley downgraded Northern Oil and Gas from a "positive" rating to an "underweight" rating and dropped their price target for the stock from $29.00 to $27.00 in a research note on Monday, August 18th. Bank of America upped 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. Royal Bank Of Canada dropped 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. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $25.00 price target (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of "Moderate Buy" and an average price target of $36.44.

Northern Oil and Gas Stock Up 1.4%

NOG traded up $0.37 during midday trading on Wednesday, reaching $26.16. 373,138 shares of the company were exchanged, compared to its average volume of 1,788,587. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21. The company's fifty day moving average price is $26.27 and its 200 day moving average price is $27.11. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 4.32 and a beta of 1.67. Northern Oil and Gas, Inc. has a one year low of $19.88 and a one year high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $1.37 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.50. The firm had revenue of $706.81 million during the quarter, compared to analyst estimates of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The company'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 posted $1.46 EPS. As a group, analysts expect 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 disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis 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 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.