Principal Financial Group Inc. Reduces Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Principal Financial Group Inc. trimmed its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 29.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 470,107 shares of the company’s stock after selling 197,494 shares during the quarter. Principal Financial Group Inc.’s holdings in Northern Oil and Gas were worth $16,646,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Northern Oil and Gas by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after buying an additional 43,940 shares during the period. American Century Companies Inc. boosted its position in Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after acquiring an additional 552,645 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares during the period. Copeland Capital Management LLC raised its position in shares of Northern Oil and Gas by 0.6% in the 3rd quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock worth $74,245,000 after acquiring an additional 12,079 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Northern Oil and Gas by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,044 shares of the company’s stock valued at $45,349,000 after purchasing an additional 49,632 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Down 1.0 %

NYSE:NOG opened at $40.49 on Friday. The firm has a 50 day moving average of $37.40 and a 200 day moving average of $38.53. Northern Oil and Gas, Inc. has a 52 week low of $31.13 and a 52 week high of $43.80. The stock has a market capitalization of $4.04 billion, a price-to-earnings ratio of 4.86 and a beta of 1.80. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The company’s revenue was up 140.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.73 earnings per share. As a group, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction dated Thursday, October 3rd. The shares were 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 of the company’s stock, valued at approximately $4,153,226. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the transaction, the insider now owns 105,713 shares of the company’s stock, valued at $3,727,440.38. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 in the last 90 days. 2.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Mizuho initiated 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 price objective on the stock. Morgan Stanley decreased their target price on shares of 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. Piper Sandler dropped their price target on 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. Finally, Jefferies Financial Group initiated coverage on Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

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.