Northern Oil and Gas, Inc. (NYSE:NOG) Stake Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in Northern Oil and Gas, Inc. (NYSE:NOG) by 35.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,704 shares of the company’s stock after selling 28,691 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Northern Oil and Gas were worth $1,922,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew 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 acquiring an additional 528 shares during the last quarter. TFO Wealth Partners LLC boosted its stake in Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after purchasing an additional 1,121 shares during the period. Principal Securities Inc. bought a new position in Northern Oil and Gas in the 4th quarter worth about $42,000. Quadrant Capital Group LLC increased 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 valued at $81,000 after purchasing an additional 930 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of Northern Oil and Gas by 88.2% during the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after buying an additional 1,033 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $37.11 on Friday. The company has a 50-day moving average of $38.37 and a 200-day moving average of $39.12. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 6.01 and a beta of 1.81. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas, Inc. has a twelve month low of $31.13 and a twelve month high of $43.80.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share. Analysts forecast that Northern Oil and Gas, Inc. will post 5.41 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently announced 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. 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. The ex-dividend date is Friday, September 27th. Northern Oil and Gas’s payout ratio is presently 27.23%.

Insider Transactions at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the transaction, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s 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 owns 224,332 shares in the company, valued at $8,526,859.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NOG has been the topic of several analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Morgan Stanley lowered their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Mizuho assumed coverage on shares of Northern Oil and Gas in a report on Thursday. They issued an “outperform” rating and a $47.00 price objective for the company. Piper Sandler lowered 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 note on Thursday, August 15th. Finally, Truist Financial boosted their price target on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.70.

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.