Northern Oil and Gas, Inc. (NYSE:NOG) Shares Acquired by Legato Capital Management LLC

Legato Capital Management LLC lifted its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 16.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 6,034 shares of the company’s stock after buying an additional 848 shares during the period. Legato Capital Management LLC’s holdings in Northern Oil and Gas were worth $224,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in Northern Oil and Gas by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,044 shares of the company’s stock worth $45,349,000 after buying an additional 49,632 shares during the last quarter. Tributary Capital Management LLC boosted its position in shares of Northern Oil and Gas by 0.3% in the second quarter. Tributary Capital Management LLC now owns 549,349 shares of the company’s stock worth $20,419,000 after acquiring an additional 1,754 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in shares of Northern Oil and Gas by 1.4% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after acquiring an additional 320 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Northern Oil and Gas by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock valued at $1,710,000 after purchasing an additional 800 shares during the period. Finally, Fifth Third Bancorp increased its position in Northern Oil and Gas by 88.2% during the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock worth $82,000 after purchasing an additional 1,033 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 1.0 %

Northern Oil and Gas stock traded down $0.40 during midday trading on Tuesday, hitting $39.79. 484,668 shares of the company were exchanged, compared to its average volume of 1,328,328. The company has a market cap of $4.02 billion, a PE ratio of 6.44 and a beta of 1.79. Northern Oil and Gas, Inc. has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company’s fifty day moving average price is $38.90 and its 200-day moving average price is $38.84. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.96.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The company had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.49 earnings per share. On average, research analysts predict that Northern Oil and Gas, Inc. will post 5.12 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a $0.42 dividend. The ex-dividend date is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 4.22%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is currently 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now directly owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. Insiders sold a total of 6,534 shares of company stock valued at $252,144 in the last ninety days. Insiders own 2.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NOG. Bank of America boosted their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Piper Sandler cut their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Truist Financial lifted their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Citigroup dropped their target price on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

About Northern Oil and Gas

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.