Prudential Financial Inc. Sells 4,988 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Prudential Financial Inc. reduced its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 103,073 shares of the company’s stock after selling 4,988 shares during the period. Prudential Financial Inc.’s holdings in Northern Oil and Gas were worth $4,167,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Northern Oil and Gas by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock worth $418,916,000 after acquiring an additional 166,501 shares during the period. LPL Financial LLC grew its position in Northern Oil and Gas by 7.7% in the 4th quarter. LPL Financial LLC now owns 64,769 shares of the company’s stock worth $2,407,000 after purchasing an additional 4,631 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Northern Oil and Gas during the fourth quarter valued at about $739,000. AXQ Capital LP bought a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $286,000. Finally, American Century Companies Inc. grew its position in Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after buying an additional 243,531 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Bahram Akradi acquired 40,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the transaction, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. This trade represents a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas L. O’grady bought 1,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. Bank of America reduced their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday. Royal Bank of Canada lowered their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Finally, Citigroup lowered their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. One equities research 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.44.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $29.82 on Wednesday. The stock has a market capitalization of $2.96 billion, a P/E ratio of 5.80 and a beta of 1.84. Northern Oil and Gas, Inc. has a 1 year low of $26.60 and a 1 year high of $44.31. The firm has a 50 day moving average of $32.79 and a 200-day moving average of $36.79. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS 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 business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. As a group, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has authorized a stock buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.04%. The ex-dividend date is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

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.