Requisite Capital Management LLC Decreases Stock Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Requisite Capital Management LLC lowered its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 6.1% during the first quarter, Holdings Channel reports. The fund owned 565,452 shares of the company’s stock after selling 36,800 shares during the period. Northern Oil and Gas makes up approximately 3.9% of Requisite Capital Management LLC’s holdings, making the stock its 6th biggest holding. Requisite Capital Management LLC’s holdings in Northern Oil and Gas were worth $17,348,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. grew its holdings in Northern Oil and Gas by 9.1% during the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock worth $129,000 after acquiring an additional 289 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in Northern Oil and Gas by 2.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock worth $487,000 after acquiring an additional 298 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in Northern Oil and Gas by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company’s stock worth $386,000 after acquiring an additional 329 shares during the last quarter. Legato Capital Management LLC lifted its position in Northern Oil and Gas by 5.8% during the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock valued at $237,000 after purchasing an additional 349 shares during the period. Finally, Isthmus Partners LLC lifted its position in Northern Oil and Gas by 0.9% during the 4th quarter. Isthmus Partners LLC now owns 48,354 shares of the company’s stock valued at $1,797,000 after purchasing an additional 411 shares during the period. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $29.88 on Tuesday. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 5.81 and a beta of 1.51. The firm’s 50 day simple moving average is $25.59 and its 200 day simple moving average is $32.31. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 earnings per share 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 the consensus estimate of $568.87 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Northern Oil and Gas’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same period last year, the company posted $1.28 EPS. As a group, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

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 issued a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 6.02%. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 28.04%.

Northern Oil and Gas announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on NOG shares. Raymond James restated a “strong-buy” rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. Citigroup cut their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Bank of America upped their target price on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Morgan Stanley cut their target price on shares of 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. Finally, Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.