Arizona State Retirement System Increases Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Arizona State Retirement System increased its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 2.2% in the 2nd quarter, Holdings Channel reports. The firm owned 25,415 shares of the company’s stock after buying an additional 555 shares during the period. Arizona State Retirement System’s holdings in Northern Oil and Gas were worth $945,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in 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 during the last quarter. Principal Securities Inc. purchased a new stake in Northern Oil and Gas during the fourth quarter valued at $42,000. TFO Wealth Partners LLC lifted its holdings in 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 during the period. Quadrant Capital Group LLC boosted its position in Northern Oil and Gas by 74.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after purchasing an additional 930 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Northern Oil and Gas by 88.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after purchasing an additional 1,033 shares during the period. Institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

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

Northern Oil and Gas Stock Performance

NYSE NOG opened at $34.43 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas, Inc. has a twelve month low of $31.13 and a twelve month high of $43.80. The business has a 50-day moving average price of $38.62 and a 200-day moving average price of $39.07. The firm has a market cap of $3.45 billion, a price-to-earnings ratio of 5.58 and a beta of 1.81.

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

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a $0.42 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 4.88%. The ex-dividend date of this dividend is Friday, September 27th. Northern Oil and Gas’s payout ratio is currently 25.93%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Truist Financial upped their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Bank of America lifted their target price 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. 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 equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.