AlphaQuest LLC Purchases New Shares in Northern Oil and Gas, Inc. (NYSE:NOG)

AlphaQuest LLC purchased a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 32,696 shares of the company’s stock, valued at approximately $1,215,000.

A number of other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position in shares of Northern Oil and Gas by 9.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 19,482 shares of the company’s stock valued at $724,000 after purchasing an additional 1,637 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of Northern Oil and Gas by 3.6% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 24,046 shares of the company’s stock valued at $894,000 after purchasing an additional 845 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Northern Oil and Gas in the fourth quarter worth about $21,691,000. Arizona State Retirement System raised its position in Northern Oil and Gas by 5.5% in the fourth quarter. Arizona State Retirement System now owns 27,617 shares of the company’s stock worth $1,026,000 after acquiring an additional 1,428 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in Northern Oil and Gas in the fourth quarter worth about $909,000. 98.80% of the stock is owned by institutional investors.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $27.53 on Monday. The company’s 50 day moving average is $36.12 and its 200-day moving average is $37.69. Northern Oil and Gas, Inc. has a 12-month low of $26.59 and a 12-month high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The firm has a market cap of $2.73 billion, a P/E ratio of 5.36 and a beta of 1.84.

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). The firm had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share 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 paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 6.54%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s payout ratio is currently 35.02%.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were 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 of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bahram Akradi acquired 40,000 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased 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 position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on NOG. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Monday, December 16th. Citigroup lowered their price objective 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. Piper Sandler lowered their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Truist Financial lifted their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Royal Bank of Canada lowered their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Northern Oil and Gas presently has an average rating of “Hold” and an average target price of $46.89.

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.