Northern Oil and Gas, Inc. (NYSE:NOG) Shares Sold by Homestead Advisers Corp

Homestead Advisers Corp trimmed its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 15.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 130,800 shares of the company’s stock after selling 24,000 shares during the period. Homestead Advisers Corp’s holdings in Northern Oil and Gas were worth $4,861,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in shares of Northern Oil and Gas during the 3rd quarter valued at approximately $25,000. Blue Trust Inc. grew its stake in shares of Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after buying an additional 801 shares in the last quarter. Avior Wealth Management LLC raised its position in shares of Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after purchasing an additional 259 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Northern Oil and Gas in the fourth quarter valued at about $66,000. Finally, Quarry LP boosted its holdings in shares of Northern Oil and Gas by 74.4% in the 3rd quarter. Quarry LP now owns 1,974 shares of the company’s stock valued at $70,000 after buying an additional 842 shares during the period. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Up 1.1 %

NOG stock opened at $30.97 on Thursday. Northern Oil and Gas, Inc. has a fifty-two week low of $26.60 and a fifty-two week high of $44.31. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The business has a fifty day moving average price of $33.70 and a 200 day moving average price of $36.89. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 6.03 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released 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 firm 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%. Analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date of this dividend is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s payout ratio is currently 35.02%.

Northern Oil and Gas announced that its board has initiated a stock repurchase program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NOG shares. Citigroup reduced their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Truist Financial raised their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada decreased their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Finally, Piper Sandler decreased their price target on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. One investment 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 currently has a consensus rating of “Hold” and an average price target of $46.89.

Insider Buying and Selling at Northern Oil and Gas

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

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.