33,041 Shares in Northern Oil and Gas, Inc. (NYSE:NOG) Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,041 shares of the company's stock, valued at approximately $999,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $29,000. Blue Trust Inc. raised its position in shares of Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after buying an additional 801 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Northern Oil and Gas by 127.7% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company's stock valued at $45,000 after buying an additional 835 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Northern Oil and Gas by 297.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock valued at $77,000 after buying an additional 1,570 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Up 3.4%

Shares of NOG traded up $1.06 during trading on Friday, reaching $32.21. 5,194,679 shares of the company traded hands, compared to its average volume of 1,570,962. Northern Oil and Gas, Inc. has a twelve month low of $19.88 and a twelve month high of $44.31. The stock has a market cap of $3.18 billion, a PE ratio of 6.27 and a beta of 1.51. The stock has a 50-day simple moving average of $26.24 and a 200-day simple moving average of $32.06. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.12 by $0.21. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $602.10 million during the quarter, compared to analyst estimates of $568.87 million. During the same quarter last year, the firm posted $1.28 earnings per share. The business's revenue for the quarter was up 51.9% compared to the same quarter last year. On average, analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas declared that its board has approved a stock buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas's payout ratio is 28.04%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on NOG shares. Piper Sandler cut their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Royal Bank of Canada cut their price objective on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a research report on Monday, April 14th. Bank of America raised 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 report on Friday, May 23rd. Citigroup cut their price objective on shares of 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. Finally, Raymond James restated a "strong-buy" rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $39.67.

Northern Oil and Gas Company 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.