Royce & Associates LP Has $10.35 Million Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Royce & Associates LP lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 18.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,595 shares of the company’s stock after selling 63,254 shares during the period. Royce & Associates LP’s holdings in Northern Oil and Gas were worth $10,353,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Legacy Investment Solutions LLC acquired a new stake in Northern Oil and Gas during the 3rd quarter worth approximately $25,000. Blue Trust Inc. raised its holdings in shares of Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the period. Avior Wealth Management LLC lifted its position in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after acquiring an additional 259 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Northern Oil and Gas in the 4th quarter worth $66,000. Finally, Quarry LP increased its holdings in Northern Oil and Gas by 74.4% during the 3rd quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after purchasing an additional 842 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

NOG has been the topic of a number of research reports. Piper Sandler cut their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Citigroup cut their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Monday, December 16th. Finally, Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Northern Oil and Gas currently has an average rating of “Hold” and an average target price of $46.89.

Northern Oil and Gas Stock Up 0.1 %

NOG stock opened at $29.41 on Tuesday. The firm has a market capitalization of $2.91 billion, a PE ratio of 5.72 and a beta of 1.84. 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 business’s 50 day simple moving average is $35.05 and its 200 day simple moving average is $37.23. Northern Oil and Gas, Inc. has a 1-year low of $26.60 and a 1-year high of $44.31.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The firm had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. As a group, research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.12%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s payout ratio is presently 35.02%.

Northern Oil and Gas 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.