Sit Investment Associates Inc. Sells 13,550 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Sit Investment Associates Inc. lowered its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 7.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 171,100 shares of the company’s stock after selling 13,550 shares during the period. Sit Investment Associates Inc. owned about 0.17% of Northern Oil and Gas worth $6,358,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its stake in Northern Oil and Gas by 297.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock worth $77,000 after buying an additional 1,570 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Northern Oil and Gas by 2.5% in the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock valued at $17,904,000 after purchasing an additional 11,690 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Northern Oil and Gas by 36.1% during the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock valued at $2,877,000 after purchasing an additional 20,550 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Northern Oil and Gas in the 4th quarter worth $909,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Northern Oil and Gas by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company’s stock worth $39,349,000 after purchasing an additional 73,256 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Trading Down 10.1 %

NYSE:NOG opened at $23.35 on Friday. The company has a 50-day moving average price of $32.05 and a 200-day moving average price of $36.60. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 4.54 and a beta of 1.49. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a 12 month low of $22.50 and a 12 month high of $44.31.

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

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be issued a $0.45 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a yield of 7.71%. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s payout ratio is presently 35.02%.

Northern Oil and Gas announced that its board has initiated a stock buyback plan on Tuesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 3.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America decreased their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Royal Bank of Canada cut their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Truist Financial upped their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, 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 report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.44.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady bought 1,000 shares of Northern Oil and Gas stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the acquisition, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred 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 completion of the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

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.