Emerald Advisers LLC Cuts Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Emerald Advisers LLC cut its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 25.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 454,906 shares of the company’s stock after selling 156,603 shares during the quarter. Emerald Advisers LLC’s holdings in Northern Oil and Gas were worth $16,904,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in NOG. Raymond James Financial Inc. purchased a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $21,691,000. Channing Capital Management LLC increased its position in shares of Northern Oil and Gas by 26.8% in the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after buying an additional 373,917 shares in the last quarter. Bridgewater Associates LP increased its position in shares of Northern Oil and Gas by 135.6% in the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares in the last quarter. American Century Companies Inc. increased its position in shares of Northern Oil and Gas by 3.9% in the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after buying an additional 243,531 shares in the last quarter. Finally, Ninepoint Partners LP purchased a new stake in shares of Northern Oil and Gas in the fourth quarter valued at approximately $7,432,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $30.02 on Friday. The stock’s fifty day moving average is $34.33 and its two-hundred day moving average is $36.99. The firm has a market capitalization of $2.98 billion, a P/E ratio of 5.84 and a beta of 1.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. Northern Oil and Gas, Inc. has a fifty-two week low of $26.60 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $545.47 million for the quarter, compared to analyst estimates of $552.34 million. On average, research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.00%. The ex-dividend date is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio is 35.02%.

Northern Oil and Gas announced that its board has initiated a stock buyback plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on NOG shares. Piper Sandler cut their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. Royal Bank of Canada lowered their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. Truist Financial lifted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Monday, December 16th. Finally, Morgan Stanley set a $43.00 price target on Northern Oil and Gas in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas currently has an average rating of “Hold” and an average target price of $46.89.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi purchased 40,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

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.