Tributary Capital Management LLC Trims Stock Position in Northern Oil and Gas, Inc. $NOG

Key Points

• Tributary Capital Management LLC reduced its stake in Northern Oil and Gas, Inc. by 13.9% during the second quarter, leaving them with approximately 532,764 shares valued at $15.1 million.
• Other institutional investors made significant movements as well, including Ethic Inc.'s new stake worth $818,000 and Denali Advisors LLC increasing its position by 24.9%.
• Northern Oil and Gas announced a quarterly dividend of $0.45 per share, reflecting an annualized yield of 8.4% and a payout ratio of 29.70%.

Tributary Capital Management LLC lessened its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 13.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 532,764 shares of the company's stock after selling 86,234 shares during the period. Tributary Capital Management LLC owned approximately 0.54% of Northern Oil and Gas worth $15,104,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Ethic Inc. purchased a new stake in shares of Northern Oil and Gas in the 2nd quarter valued at $818,000. Denali Advisors LLC boosted its position in Northern Oil and Gas by 24.9% during the 2nd quarter. Denali Advisors LLC now owns 201,581 shares of the company's stock valued at $5,715,000 after buying an additional 40,221 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Northern Oil and Gas during the 2nd quarter valued at $275,000. Mutual of America Capital Management LLC boosted its position in Northern Oil and Gas by 6.1% during the 2nd quarter. Mutual of America Capital Management LLC now owns 488,269 shares of the company's stock valued at $13,842,000 after buying an additional 28,160 shares during the period. Finally, Oxbow Advisors LLC purchased a new stake in Northern Oil and Gas during the 2nd quarter valued at $6,178,000. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Stock Performance

NOG opened at $21.44 on Thursday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 3.54 and a beta of 1.61. The company's 50 day moving average is $24.68 and its 200 day moving average is $26.27. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Monday, March 6th. The company reported $1.06 earnings per share (EPS) for the quarter. The company had revenue of $319.19 million for the quarter. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. On average, equities research 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 disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.4%. Northern Oil and Gas's dividend payout ratio (DPR) is presently 29.70%.

Wall Street Analyst Weigh In

NOG has been the subject of several research reports. William Blair started coverage on shares of Northern Oil and Gas in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Piper Sandler restated a "neutral" rating and set a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Mizuho reduced their price objective on shares of Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating for the company in a research note on Monday, September 15th. Morgan Stanley restated an "underweight" rating and set a $26.00 price objective (down from $27.00) on shares of Northern Oil and Gas in a research note on Tuesday, October 14th. Finally, Citigroup reduced their price objective on shares of Northern Oil and Gas from $32.00 to $28.00 and set a "buy" rating for the company in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $33.00.

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.

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