Alliancebernstein L.P. Sells 86,373 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Alliancebernstein L.P. trimmed its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 2.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,500,253 shares of the company’s stock after selling 86,373 shares during the quarter. Alliancebernstein L.P.’s holdings in Northern Oil and Gas were worth $130,069,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Northern Oil and Gas in the 4th quarter valued at $21,691,000. Channing Capital Management LLC raised its holdings in shares of Northern Oil and Gas by 26.8% in the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after purchasing an additional 373,917 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after purchasing an additional 243,531 shares in the last quarter. Ninepoint Partners LP purchased a new position in Northern Oil and Gas during the fourth quarter worth about $7,432,000. Finally, Vanguard Group Inc. increased its stake in Northern Oil and Gas by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock valued at $418,916,000 after buying an additional 166,501 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Up 2.8 %

Northern Oil and Gas stock opened at $30.72 on Thursday. The stock has a market cap of $3.04 billion, a P/E ratio of 5.98 and a beta of 1.84. Northern Oil and Gas, Inc. has a fifty-two week low of $26.60 and a fifty-two week high of $44.31. The firm’s fifty day moving average price is $32.61 and its 200-day moving average price is $36.75. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

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

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

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 5.86%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

Insider Buying and Selling

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the purchase, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were 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. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on NOG shares. Morgan Stanley dropped their price target on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Bank of America lowered their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday. Royal Bank of Canada reduced their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 13th. Truist Financial lifted their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Citigroup reduced their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $45.44.

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.