Empowered Funds LLC grew its holdings in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 17.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 473,793 shares of the company’s stock after buying an additional 70,666 shares during the quarter. Empowered Funds LLC owned 0.44% of Northern Oil and Gas worth $8,599,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in NOG. AQR Capital Management LLC raised its holdings in shares of Northern Oil and Gas by 55.1% during the first quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after acquiring an additional 14,492 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Northern Oil and Gas by 3.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after acquiring an additional 1,865 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the last quarter. Intech Investment Management LLC raised its stake in Northern Oil and Gas by 41.8% in the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after purchasing an additional 13,690 shares during the last quarter. Finally, Strs Ohio acquired a new position in Northern Oil and Gas in the 1st quarter valued at $88,000. 98.80% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on the stock. Mizuho raised shares of Northern Oil and Gas to a “hold” rating in a research note on Friday, July 31st. Citigroup dropped their price target on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Morgan Stanley set a $25.00 price objective on Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Monday, June 29th. Finally, Weiss Ratings upgraded Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas currently has a consensus rating of “Hold” and a consensus target price of $30.62.
Northern Oil and Gas Price Performance
Northern Oil and Gas stock opened at $25.74 on Friday. The company’s 50 day simple moving average is $21.57 and its 200-day simple moving average is $24.20. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. Northern Oil and Gas, Inc. has a 1 year low of $17.18 and a 1 year high of $31.17. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -4.97 and a beta of 0.70.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.05). The company had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 3.79 earnings per share for the current year.
Northern Oil and Gas Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 7.0%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently -34.75%.
Insider Buying and Selling at Northern Oil and Gas
In other news, Director Bahram Akradi acquired 25,760 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This represents a 1.53% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 2.80% of the company’s stock.
Northern Oil and Gas Company Profile
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
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