Headlands Technologies LLC Invests $362,000 in Northern Oil and Gas, Inc. (NYSE:NOG)

Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,732 shares of the company’s stock, valued at approximately $362,000.

Other institutional investors also recently bought and sold shares of the company. Choreo LLC bought a new position in shares of Northern Oil and Gas during the 2nd quarter valued at about $266,000. Emerald Advisers LLC grew its holdings in Northern Oil and Gas by 17.6% during the 2nd quarter. Emerald Advisers LLC now owns 566,999 shares of the company’s stock valued at $21,075,000 after buying an additional 84,751 shares in the last quarter. Emerald Mutual Fund Advisers Trust grew its holdings in Northern Oil and Gas by 18.5% during the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 453,414 shares of the company’s stock valued at $16,853,000 after buying an additional 70,709 shares in the last quarter. Arizona State Retirement System increased its stake in Northern Oil and Gas by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock worth $945,000 after acquiring an additional 555 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Northern Oil and Gas by 1.1% during the 2nd quarter. Victory Capital Management Inc. now owns 866,344 shares of the company’s stock worth $32,202,000 after acquiring an additional 9,241 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $34.09 on Friday. Northern Oil and Gas, Inc. has a one year low of $31.13 and a one year high of $43.80. The firm has a market cap of $3.44 billion, a PE ratio of 5.53 and a beta of 1.82. The firm’s 50 day simple moving average is $38.70 and its 200-day simple moving average is $39.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The firm had revenue of $560.80 million during the quarter, compared to the consensus estimate of $542.28 million. During the same period in the previous year, the company posted $1.49 earnings per share. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 5.41 EPS for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend is Friday, September 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio is presently 27.23%.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages recently weighed in on NOG. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Piper Sandler dropped their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Bank of America upped their price objective on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Truist Financial boosted their target price 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. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Northern Oil and Gas has an average rating of “Moderate Buy” and a consensus price target of $48.00.

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.