State of Alaska Department of Revenue Increases Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

State of Alaska Department of Revenue boosted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 25.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,025 shares of the company's stock after acquiring an additional 19,586 shares during the quarter. State of Alaska Department of Revenue owned 0.10% of Northern Oil and Gas worth $2,932,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NOG. Raymond James Financial Inc. purchased a new position in Northern Oil and Gas during the fourth quarter valued at approximately $21,691,000. Channing Capital Management LLC raised its position in Northern Oil and Gas by 26.8% during the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company's stock valued at $65,648,000 after acquiring an additional 373,917 shares in the last quarter. American Century Companies Inc. increased its position in shares of Northern Oil and Gas by 3.9% in the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock valued at $242,937,000 after buying an additional 243,531 shares in the last quarter. Natixis purchased a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $7,503,000. Finally, Ninepoint Partners LP purchased a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $7,432,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOG has been the subject of a number of recent analyst reports. Mizuho cut their price objective on Northern Oil and Gas from $35.00 to $33.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Bank of America boosted their price objective on 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. Morgan Stanley cut their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. Raymond James Financial restated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Finally, Citigroup cut their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $39.67.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $31.24 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.92 and a quick ratio of 0.92. The business's 50 day moving average price is $27.09 and its 200-day moving average price is $31.65. The firm has a market capitalization of $3.08 billion, a PE ratio of 4.87 and a beta of 1.51. Northern Oil and Gas, Inc. has a 1 year low of $19.88 and a 1 year high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.12 by $0.21. The company had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a return on equity of 23.46% and a net margin of 26.64%. The firm's revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 earnings per share. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 5.76%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas's dividend payout ratio (DPR) is currently 28.04%.

Northern Oil and Gas declared that its board has authorized a share buyback program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Northern Oil and Gas 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.