482,808 Shares in Northern Oil and Gas, Inc. (NYSE:NOG) Bought by abrdn plc

abrdn plc purchased a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) in the third quarter, HoldingsChannel.com reports. The fund purchased 482,808 shares of the company’s stock, valued at approximately $17,096,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its position in Northern Oil and Gas by 1,111.5% during the third quarter. Nisa Investment Advisors LLC now owns 9,862 shares of the company’s stock valued at $353,000 after purchasing an additional 9,048 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in shares of Northern Oil and Gas by 1.5% in the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 23,201 shares of the company’s stock valued at $822,000 after purchasing an additional 350 shares during the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Northern Oil and Gas by 5.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 56,889 shares of the company’s stock worth $2,014,000 after buying an additional 3,154 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Northern Oil and Gas by 4.8% during the 3rd quarter. Louisiana State Employees Retirement System now owns 48,200 shares of the company’s stock worth $1,707,000 after buying an additional 2,200 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its stake in Northern Oil and Gas by 8.3% in the third quarter. Mount Yale Investment Advisors LLC now owns 10,114 shares of the company’s stock valued at $358,000 after buying an additional 777 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Morgan Stanley lowered their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. 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 cut their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Mizuho assumed coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They set an “outperform” rating and a $47.00 target price on the stock. Finally, Bank of America increased their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.80.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief financial officer now owns 83,792 shares in the company, valued at approximately $3,351,680. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Chad W. Allen sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,008 shares of company stock valued at $228,013. 2.80% of the stock is currently owned by company insiders.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $35.81 on Friday. The firm has a market cap of $3.59 billion, a PE ratio of 6.34 and a beta of 1.81. Northern Oil and Gas, Inc. has a 52 week low of $31.13 and a 52 week high of $43.80. The firm’s fifty day moving average is $37.24 and its 200-day moving average is $38.71. 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 results on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.49 EPS. Sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.4 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, September 27th were issued a $0.42 dividend. The ex-dividend date was Friday, September 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 4.69%. Northern Oil and Gas’s dividend payout ratio is presently 29.73%.

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.