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

Principal Financial Group Inc. reduced its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 29.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in Northern Oil and Gas by 45.6% in the second 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. American Century Companies Inc. lifted its stake in Northern Oil and Gas by 11.0% in the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares during the period. abrdn plc purchased a new stake in Northern Oil and Gas in the third quarter worth about $17,096,000. Bridgewater Associates LP lifted its stake in Northern Oil and Gas by 135.6% in the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after acquiring an additional 294,223 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in Northern Oil and Gas by 41.4% in the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after acquiring an additional 275,704 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 2,508 shares of the firm’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 directly owns 107,876 shares of the company’s stock, valued at $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,508 shares of company stock worth $248,113 over the last 90 days. 2.80% of the stock is currently owned by company insiders.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $36.04 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The business has a fifty day moving average of $39.49 and a 200 day moving average of $38.62. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 4.33 and a beta of 1.85. Northern Oil and Gas, Inc. has a 1 year low of $31.13 and a 1 year high of $44.31.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. During the same period last year, the business posted $1.73 earnings per share. The company’s revenue for the quarter was up 140.0% compared to the same quarter last year. As a group, research analysts expect that Northern Oil and Gas, Inc. will post 5.4 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, December 30th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 20.17%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective for the company. Morgan Stanley reduced 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 report on Monday, September 16th. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a report on Monday, December 16th. Truist Financial boosted their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $43.00 to $45.00 in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.20.

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.