Northern Oil and Gas, Inc. (NYSE:NOG) Shares Bought by Seven Eight Capital LP

Seven Eight Capital LP raised its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 261.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,143 shares of the company’s stock after acquiring an additional 18,182 shares during the quarter. Seven Eight Capital LP’s holdings in Northern Oil and Gas were worth $935,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in NOG. GAMMA Investing LLC increased its position in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares in the last quarter. TFO Wealth Partners LLC grew its holdings in shares of Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after buying an additional 1,121 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $42,000. Quadrant Capital Group LLC lifted its stake in shares of 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 buying an additional 930 shares in the last quarter. Finally, Fifth Third Bancorp boosted its position in Northern Oil and Gas by 88.2% during the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock worth $82,000 after acquiring an additional 1,033 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 0.4 %

Northern Oil and Gas stock opened at $37.11 on Friday. The company has a market capitalization of $3.75 billion, a PE ratio of 6.01 and a beta of 1.81. 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, Inc. has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The firm has a 50 day moving average price of $38.37 and a 200 day moving average price of $39.09.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $542.28 million. During the same quarter in the previous year, the business earned $1.49 EPS. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. Research analysts expect that Northern Oil and Gas, Inc. will post 5.41 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 $0.42 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.53%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is 27.23%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Truist Financial increased their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Mizuho began coverage on Northern Oil and Gas in a research report on Thursday. They set an “outperform” rating and a $47.00 price objective on the stock. Piper Sandler dropped their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Morgan Stanley dropped their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus price target of $47.70.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the 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 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 SEC, which is available through this link. In related news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas 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 in the company, valued at $4,076,948.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the 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 completion of the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

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.