Rhumbline Advisers Trims Stock Position in Northern Oil and Gas, Inc. $NOG

Rhumbline Advisers cut its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 272,178 shares of the company’s stock after selling 12,896 shares during the quarter. Rhumbline Advisers owned approximately 0.28% of Northern Oil and Gas worth $8,228,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NOG. Strs Ohio purchased a new position in Northern Oil and Gas during the first quarter valued at approximately $88,000. Geneos Wealth Management Inc. increased its holdings in Northern Oil and Gas by 11.5% during the first quarter. Geneos Wealth Management Inc. now owns 7,361 shares of the company’s stock valued at $223,000 after buying an additional 761 shares during the period. Intech Investment Management LLC increased its holdings in Northern Oil and Gas by 41.8% during the first quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after buying an additional 13,690 shares during the period. Woodline Partners LP increased its holdings in Northern Oil and Gas by 791.9% during the first quarter. Woodline Partners LP now owns 239,245 shares of the company’s stock valued at $7,232,000 after buying an additional 212,420 shares during the period. Finally, Empowered Funds LLC increased its holdings in Northern Oil and Gas by 5.0% during the first quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock valued at $1,972,000 after buying an additional 3,124 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on NOG shares. Morgan Stanley lowered shares of Northern Oil and Gas from a “positive” rating to an “underweight” rating and cut their price objective for the company from $29.00 to $27.00 in a report on Monday, August 18th. Citigroup lifted their price objective on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Bank of America lifted their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a report on Friday, May 23rd. William Blair began coverage on shares of Northern Oil and Gas in a report on Monday, August 25th. They set an “outperform” rating on the stock. Finally, Mizuho lowered their target price on shares of Northern Oil and Gas from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.89.

Northern Oil and Gas Price Performance

NYSE NOG opened at $25.75 on Friday. The firm’s fifty day simple moving average is $26.55 and its two-hundred day simple moving average is $27.28. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The firm has a market capitalization of $2.51 billion, a P/E ratio of 4.25 and a beta of 1.67.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.50. Northern Oil and Gas had a net margin of 23.62% and a return on equity of 22.12%. The business had revenue of $706.81 million for the quarter, compared to analyst estimates of $555.54 million. During the same period in the previous year, the company earned $1.46 earnings per share. The business’s revenue for the quarter was up 26.0% on a year-over-year basis. Analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.0%. Northern Oil and Gas’s payout ratio is 29.70%.

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.