Voya Investment Management LLC Trims Holdings in Northern Oil and Gas, Inc. $NOG

Key Points

• Voya Investment Management LLC has sold 437,099 shares of Northern Oil and Gas, reducing its holdings by 47.7%, leaving them with approximately 0.49% ownership valued at $14.5 million.
• Analysts have mixed views on Northern Oil and Gas, with a consensus rating of Moderate Buy and a price target of $36.44, despite Morgan Stanley downgrading its rating to "underweight."
• The company has declared a quarterly dividend of $0.45 per share, reflecting an annualized yield of 7.2%, with a payout ratio of 29.7%.

Voya Investment Management LLC trimmed its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 47.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 479,920 shares of the company's stock after selling 437,099 shares during the period. Voya Investment Management LLC owned about 0.49% of Northern Oil and Gas worth $14,508,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Nuveen LLC purchased a new stake in Northern Oil and Gas during the first quarter valued at approximately $36,288,000. Dimensional Fund Advisors LP lifted its position in Northern Oil and Gas by 30.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company's stock valued at $129,939,000 after acquiring an additional 1,001,493 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in Northern Oil and Gas during the first quarter valued at approximately $14,137,000. American Century Companies Inc. raised its holdings in shares of Northern Oil and Gas by 6.4% in the first quarter. American Century Companies Inc. now owns 6,953,377 shares of the company's stock worth $210,201,000 after buying an additional 415,781 shares during the last quarter. Finally, Woodline Partners LP raised its holdings in shares of Northern Oil and Gas by 791.9% in the first quarter. Woodline Partners LP now owns 239,245 shares of the company's stock worth $7,232,000 after buying an additional 212,420 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Trading Down 4.4%

Shares of Northern Oil and Gas stock traded down $1.15 on Friday, reaching $25.11. The company had a trading volume of 4,362,895 shares, compared to its average volume of 1,363,767. The firm's 50 day moving average price is $25.98 and its two-hundred day moving average price is $27.07. The firm has a market cap of $2.45 billion, a PE ratio of 4.14 and a beta of 1.67. Northern Oil and Gas, Inc. has a 52-week low of $19.88 and a 52-week high of $44.31. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.21 and a current ratio of 1.21.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The firm had revenue of $706.81 million for the quarter, compared to the consensus estimate of $555.54 million. During the same period in the prior year, the firm earned $1.46 EPS. The firm's revenue for the quarter was up 26.0% on a year-over-year basis. Sell-side analysts predict 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 company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 7.2%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas's payout ratio is 29.70%.

Analyst Ratings Changes

NOG has been the topic of a number of research reports. Piper Sandler reiterated a "neutral" rating and issued a $25.00 price objective (down previously from $31.00) on shares of Northern Oil and Gas in a research note on Monday, August 4th. Citigroup increased their price objective on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Mizuho cut their price objective on shares of Northern Oil and Gas from $32.00 to $28.00 and set a "neutral" rating on the stock in a research note on Monday, September 15th. Bank of America increased their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley lowered shares of Northern Oil and Gas from a "positive" rating to an "underweight" rating and cut their price objective for the stock from $29.00 to $27.00 in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.44.

About Northern Oil and Gas

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.