Fifth Third Bancorp Grows Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Fifth Third Bancorp raised its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 88.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,204 shares of the company’s stock after purchasing an additional 1,033 shares during the quarter. Fifth Third Bancorp’s holdings in Northern Oil and Gas were worth $82,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after buying an additional 528 shares in the last quarter. TFO Wealth Partners LLC lifted its position in shares of Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after acquiring an additional 1,121 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Northern Oil and Gas in the fourth quarter worth about $42,000. SRS Capital Advisors Inc. lifted its holdings in Northern Oil and Gas by 305.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after purchasing an additional 927 shares in the last quarter. Finally, Quadrant Capital Group LLC lifted its holdings in Northern Oil and Gas by 74.7% in the 4th quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after purchasing an additional 930 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NOG. Citigroup reduced their price objective on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Truist Financial raised their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Finally, Bank of America raised their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Northern Oil and Gas Stock Up 4.1 %

Shares of NYSE:NOG opened at $39.61 on Monday. The company has a market cap of $4.00 billion, a price-to-earnings ratio of 6.42 and a beta of 1.79. The company has a current ratio of 0.89, a quick ratio of 0.96 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average price of $38.84 and a 200 day moving average price of $38.79. Northern Oil and Gas, Inc. has a 12 month low of $31.13 and a 12 month high of $43.80.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. During the same period in the prior year, the company posted $1.49 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts predict that Northern Oil and Gas, Inc. will post 5.12 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 4.24%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is presently 27.23%.

Insiders Place Their Bets

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. Insiders have sold a total of 6,534 shares of company stock worth $252,144 over the last quarter. Company insiders own 2.80% of the company’s stock.

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.