Garner Asset Management Corp Acquires New Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Garner Asset Management Corp acquired a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,091 shares of the company’s stock, valued at approximately $251,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Signaturefd LLC lifted its stake in shares of Northern Oil and Gas by 100.5% during the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after buying an additional 427 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after acquiring an additional 528 shares in the last quarter. Quarry LP boosted its holdings in shares of Northern Oil and Gas by 338.8% in the second quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after acquiring an additional 874 shares during the period. Covestor Ltd boosted its holdings in shares of Northern Oil and Gas by 122.6% in the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after acquiring an additional 1,048 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of Northern Oil and Gas by 88.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after purchasing an additional 1,033 shares during the period. Institutional investors own 98.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $43.00 to $45.00 in a research note on Wednesday. Truist Financial increased their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Morgan Stanley reduced their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Mizuho began coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They issued an “outperform” rating and a $47.00 target price on the stock. Finally, StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Northern Oil and Gas has an average rating of “Moderate Buy” and an average target price of $47.50.

Insider Activity

In other news, CFO Chad W. Allen sold 1,500 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total transaction of $96,558.00. Following the transaction, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,508 shares of company stock worth $248,113. 2.80% of the stock is currently owned by insiders.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $43.20 on Friday. The company’s fifty day moving average price is $38.28 and its 200-day moving average price is $38.55. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 5.19 and a beta of 1.80. Northern Oil and Gas, Inc. has a one year low of $31.13 and a one year high of $43.80.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The firm’s revenue was up 140.0% on a year-over-year basis. On average, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.42 earnings per share for the current fiscal year.

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.