PNC Financial Services Group Inc. Increases Position in Northern Oil and Gas, Inc. (NYSE:NOG)

PNC Financial Services Group Inc. lifted its stake in Northern Oil and Gas, Inc. (NYSE:NOG) by 9.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,482 shares of the company’s stock after purchasing an additional 1,637 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Northern Oil and Gas were worth $724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Empowered Funds LLC raised its holdings in Northern Oil and Gas by 7.1% in the 3rd quarter. Empowered Funds LLC now owns 62,094 shares of the company’s stock worth $2,199,000 after acquiring an additional 4,104 shares during the last quarter. Natixis Advisors LLC boosted its position in shares of Northern Oil and Gas by 10.0% during the third quarter. Natixis Advisors LLC now owns 90,715 shares of the company’s stock valued at $3,212,000 after buying an additional 8,259 shares during the last quarter. Pathstone Holdings LLC boosted its holdings in shares of Northern Oil and Gas by 16.3% during the 3rd quarter. Pathstone Holdings LLC now owns 39,381 shares of the company’s stock valued at $1,396,000 after acquiring an additional 5,524 shares during the last quarter. Jennison Associates LLC boosted its holdings in Northern Oil and Gas by 58.6% in the third quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock worth $18,453,000 after purchasing an additional 192,539 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Northern Oil and Gas during the 3rd quarter valued at $951,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Northern Oil and Gas

In other news, Director Bahram Akradi bought 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Trading Up 0.1 %

NOG stock opened at $29.41 on Tuesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas, Inc. has a 1-year low of $26.60 and a 1-year high of $44.31. The business has a 50 day simple moving average of $35.05 and a two-hundred day simple moving average of $37.23. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 5.72 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The company had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. Research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas declared that its Board of Directors has approved a share repurchase program on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.12%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Wall Street Analyst Weigh In

NOG has been the topic of several research reports. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research report on Monday, December 16th. Truist Financial lifted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a report on Wednesday, January 22nd. Piper Sandler reduced their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. Finally, Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $46.89.

Northern Oil and Gas Company Profile

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.