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

Portolan Capital Management LLC boosted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 15.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 307,240 shares of the company’s stock after buying an additional 40,070 shares during the quarter. Portolan Capital Management LLC’s holdings in Northern Oil and Gas were worth $10,879,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Icon Wealth Advisors LLC acquired a new position in Northern Oil and Gas during the third quarter worth about $828,000. American Century Companies Inc. grew its position in Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after buying an additional 552,645 shares during the period. Emerald Mutual Fund Advisers Trust grew its position in Northern Oil and Gas by 18.5% during the second quarter. Emerald Mutual Fund Advisers Trust now owns 453,414 shares of the company’s stock worth $16,853,000 after buying an additional 70,709 shares during the period. SG Americas Securities LLC grew its position in Northern Oil and Gas by 1,772.3% during the second quarter. SG Americas Securities LLC now owns 116,045 shares of the company’s stock worth $4,313,000 after buying an additional 109,847 shares during the period. Finally, Qsemble Capital Management LP purchased a new stake in shares of Northern Oil and Gas in the second quarter valued at about $625,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 value of $96,558.00. Following the completion of the sale, the president now owns 107,876 shares of the company’s stock, valued at $4,153,226. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at $3,351,680. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 over the last quarter. Company insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $43.00 to $45.00 in a report on Wednesday, November 20th. Piper Sandler upped their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Truist Financial upped their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Mizuho assumed coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price target on the stock. Finally, Morgan Stanley reduced their price target on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $43.49 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 5.22 and a beta of 1.85. The company’s 50 day simple moving average is $39.23 and its 200 day simple moving average is $38.70. Northern Oil and Gas, Inc. has a 1 year low of $31.13 and a 1 year high of $44.31.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The company had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. Northern Oil and Gas’s revenue was up 140.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. On average, sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.4 EPS for the current year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, December 30th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

Northern Oil and Gas 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.