The Manufacturers Life Insurance Company Invests $917,000 in Northern Oil and Gas, Inc. $NOG

Key Points

• The Manufacturers Life Insurance Company acquired 50,521 shares of Northern Oil and Gas during the second quarter, worth approximately $917,000. Institutional investors collectively own 98.8% of the company.
• Northern Oil and Gas reported quarterly revenue of $745.24 million, exceeding expectations, but earnings per share of $1.13 fell short of the $1.18 consensus estimate. Revenue increased 5.4% year over year.
• The company declared a quarterly dividend of $0.45 per share, equivalent to an annualized $1.80 payout and a 6.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $30.62.

The Manufacturers Life Insurance Company acquired a new stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 50,521 shares of the company's stock, valued at approximately $917,000.

A number of other institutional investors also recently modified their holdings of the stock. Quadrant Capital Group LLC boosted its stake in Northern Oil and Gas by 14.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company's stock worth $66,000 after acquiring an additional 400 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Northern Oil and Gas by 18.8% during the fourth quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company's stock valued at $69,000 after purchasing an additional 507 shares during the period. Virtus Investment Advisers LLC raised its holdings in shares of Northern Oil and Gas by 8.4% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company's stock valued at $159,000 after purchasing an additional 572 shares during the period. Isthmus Partners LLC boosted its position in shares of Northern Oil and Gas by 0.8% during the 1st quarter. Isthmus Partners LLC now owns 82,358 shares of the company's stock worth $2,407,000 after purchasing an additional 619 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in shares of Northern Oil and Gas by 85.7% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company's stock worth $44,000 after purchasing an additional 702 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company's stock.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $25.93 on Friday. Northern Oil and Gas, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -5.01 and a beta of 0.73. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. The firm's 50-day simple moving average is $22.24 and its 200 day simple moving average is $24.21.

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

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.9%. Northern Oil and Gas's payout ratio is presently -34.75%.

Analysts Set New Price Targets

A number of brokerages recently commented on NOG. Citigroup decreased their target price on Northern Oil and Gas from $36.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the stock an "underweight" rating in a report on Monday, June 29th. Raymond James Financial reissued an "outperform" rating and issued a $28.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Finally, Johnson Rice lowered Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 target price on the stock. in a research report on Wednesday, May 20th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Northern Oil and Gas has an average rating of "Hold" and an average target price of $30.62.

Insider Activity

In related news, Director Bahram Akradi purchased 25,760 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the acquisition, the director owned 1,713,444 shares of the company's stock, valued at $33,240,813.60. This represents a 1.53% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.80% of the stock is currently owned by insiders.

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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