State of Tennessee Department of Treasury Increases Stock Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

State of Tennessee Department of Treasury boosted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 16.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 26,892 shares of the company’s stock after buying an additional 3,805 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Northern Oil and Gas were worth $999,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in Northern Oil and Gas by 21.0% in the fourth quarter. GAMMA Investing LLC now owns 2,120 shares of the company’s stock worth $79,000 after buying an additional 368 shares during the last quarter. Doliver Advisors LP lifted its position in Northern Oil and Gas by 2.9% in the fourth quarter. Doliver Advisors LP now owns 28,667 shares of the company’s stock worth $1,065,000 after buying an additional 800 shares during the last quarter. Insight Wealth Strategies LLC lifted its position in Northern Oil and Gas by 2.7% in the fourth quarter. Insight Wealth Strategies LLC now owns 28,550 shares of the company’s stock worth $1,061,000 after buying an additional 751 shares during the last quarter. Range Financial Group LLC bought a new stake in Northern Oil and Gas in the fourth quarter worth $332,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Northern Oil and Gas by 1.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 141,100 shares of the company’s stock worth $5,243,000 after purchasing an additional 2,636 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady purchased 1,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the purchase, the chief executive officer now owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the purchase, the director now directly owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.

Analysts Set New Price Targets

NOG has been the subject of several research analyst reports. Piper Sandler decreased their target price on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. Royal Bank of Canada decreased their target price on 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. Morgan Stanley decreased their target price on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a research report on Thursday, March 27th. Bank of America decreased their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Finally, Truist Financial raised their price target on 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 analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $43.50.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock opened at $25.17 on Friday. The stock’s fifty day moving average price is $26.87 and its 200-day moving average price is $34.55. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The firm has a market cap of $2.49 billion, a P/E ratio of 4.90 and a beta of 1.49.

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

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 outstanding shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 7.15%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 28.04%.

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.