Schonfeld Strategic Advisors LLC boosted its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 193.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,724 shares of the company's stock after purchasing an additional 12,347 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Northern Oil and Gas were worth $696,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Raymond James Financial Inc. acquired a new position in shares of Northern Oil and Gas in the 4th quarter worth approximately $21,691,000. Channing Capital Management LLC lifted its stake 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 worth $65,648,000 after purchasing an additional 373,917 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Northern Oil and Gas by 3.9% in the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock worth $242,937,000 after buying an additional 243,531 shares during the last quarter. Natixis acquired a new position in shares of Northern Oil and Gas in the 4th quarter valued at about $7,503,000. Finally, Ninepoint Partners LP acquired a new position in shares of Northern Oil and Gas in the 4th quarter valued at about $7,432,000. Institutional investors and hedge funds own 98.80% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on NOG shares. Piper Sandler dropped their price target on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley dropped their target price on Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 27th. Royal Bank of Canada reduced their price target on shares of Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Citigroup lowered their price target 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, Truist Financial boosted their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Northern Oil and Gas has a consensus rating of "Hold" and a consensus price target of $43.50.
Check Out Our Latest Analysis on Northern Oil and Gas
Insider Transactions at Northern Oil and Gas
In other news, Director Bahram Akradi bought 40,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the acquisition, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. The trade was a 2.47% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O'grady purchased 1,000 shares of the company's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares of the company's stock, valued at $6,215,673.72. This represents a 0.44% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.90% of the company's stock.
Northern Oil and Gas Price Performance
Northern Oil and Gas stock traded up $1.66 during trading hours on Monday, hitting $28.21. 2,537,788 shares of the company traded hands, compared to its average volume of 1,519,724. Northern Oil and Gas, Inc. has a 1-year low of $19.88 and a 1-year high of $44.31. The firm has a market cap of $2.78 billion, a P/E ratio of 5.49 and a beta of 1.47. The firm's 50-day simple moving average is $26.23 and its two-hundred day simple moving average is $33.99. 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 analysts' consensus estimates of $1.12 by $0.21. The business had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business's revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter last year, the business earned $1.28 earnings per share. As a group, analysts forecast 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 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 dividend on an annualized basis and a dividend yield of 6.38%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas's dividend payout ratio is presently 28.04%.
Northern Oil and Gas announced that its Board of Directors has authorized a share buyback program on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.
About Northern Oil and Gas
(
Free Report)
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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