Royce & Associates LP Decreases Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Key Points

• Royce & Associates LP sold 23,584 shares of Northern Oil and Gas, reducing its stake by 8.5%, while still retaining ownership of 255,011 shares valued at approximately $7.7 million.
• Despite the sale by Royce & Associates, other institutional investors, such as Denali Advisors LLC, have significantly increased their holdings in Northern Oil and Gas, indicating strong interest in the stock.
• Northern Oil and Gas reported $1.33 earnings per share for the latest quarter, which surpassed analyst expectations, and announced a quarterly dividend of $0.45 per share with a yield of 6.33%.

Royce & Associates LP lessened its holdings in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 255,011 shares of the company's stock after selling 23,584 shares during the quarter. Royce & Associates LP owned 0.26% of Northern Oil and Gas worth $7,709,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in NOG. Headlands Technologies LLC acquired a new stake in shares of Northern Oil and Gas during the 4th quarter valued at approximately $29,000. Signaturefd LLC lifted its position in shares of Northern Oil and Gas by 60.0% during the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company's stock valued at $33,000 after acquiring an additional 405 shares during the period. Byrne Asset Management LLC lifted its position in shares of Northern Oil and Gas by 54.9% during the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company's stock valued at $41,000 after acquiring an additional 483 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Northern Oil and Gas by 127.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock valued at $45,000 after acquiring an additional 835 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Northern Oil and Gas during the 1st quarter valued at approximately $54,000. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Trading Down 2.3%

Shares of NYSE NOG traded down $0.68 during trading on Wednesday, hitting $28.82. 141,788 shares of the company traded hands, compared to its average volume of 1,804,828. Northern Oil and Gas, Inc. has a 1 year low of $19.88 and a 1 year high of $44.31. The company has a 50-day moving average price of $29.03 and a 200-day moving average price of $29.89. The firm has a market capitalization of $2.84 billion, a P/E ratio of 4.49 and a beta of 1.50. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.96.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.21. Northern Oil and Gas had a net margin of 26.64% and a return on equity of 23.46%. The company had revenue of $602.10 million during the quarter, compared to analysts' expectations of $568.87 million. During the same period in the previous year, the company earned $1.28 EPS. The business's quarterly revenue was up 51.9% compared to the same quarter last year. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 6.25%. Northern Oil and Gas's dividend payout ratio (DPR) is 28.04%.

Analysts Set New Price Targets

NOG has been the subject of a number of research reports. Bank of America lifted their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Mizuho reduced their price target on shares of Northern Oil and Gas from $33.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, July 16th. Citigroup lifted their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Piper Sandler lifted their price target on shares of Northern Oil and Gas from $30.00 to $31.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada reduced their target price 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. One analyst has rated the stock with a sell rating, five have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $38.78.

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.