SIR Capital Management L.P. Acquires Shares of 210,200 Northern Oil and Gas, Inc. $NOG

Key Points

• SIR Capital Management acquired 210,200 shares of Northern Oil and Gas in the second quarter, valued at approximately $3.8 million and representing a 0.20% stake. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly EPS of $1.13, missing analyst expectations of $1.18, while revenue rose 5.4% year over year to $745.2 million, above estimates.
• The company declared a quarterly dividend of $0.45 per share, equal to $1.80 annually and a 6.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.62.

SIR Capital Management L.P. bought a new stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 210,200 shares of the company's stock, valued at approximately $3,815,000. SIR Capital Management L.P. owned 0.20% of Northern Oil and Gas as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of NOG. Jones Financial Companies Lllp boosted its holdings in 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 worth $33,000 after buying an additional 713 shares during the last quarter. Ascentis Independent Advisors purchased a new position in shares of Northern Oil and Gas in the first quarter valued at approximately $33,000. EverSource Wealth Advisors LLC lifted its position in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company's stock valued at $43,000 after acquiring an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Northern Oil and Gas by 85.7% in the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company's stock worth $44,000 after acquiring an additional 702 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Northern Oil and Gas in the second quarter worth approximately $29,000. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Trading Down 1.9%

Shares of NOG stock opened at $26.82 on Tuesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17. The company's 50-day moving average price is $21.04 and its 200-day moving average price is $24.17. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -5.18 and a beta of 0.70.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The firm had revenue of $745.24 million for the quarter, compared to analyst estimates of $594.09 million. During the same quarter in the previous year, the business posted $1.37 earnings per share. Northern Oil and Gas's revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 3.79 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 6.7%. Northern Oil and Gas's dividend payout ratio is currently -34.75%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on NOG shares. Mizuho raised Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. Raymond James Financial reaffirmed an "outperform" rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Johnson Rice cut shares of Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price for the company. in a research report on Wednesday, May 20th. Weiss Ratings raised shares of Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a research report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Northern Oil and Gas currently has a consensus rating of "Hold" and a consensus target price of $30.62.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi acquired 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the transaction, the director owned 1,713,444 shares of the company's stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.80% of the company's stock.

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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