Denali Advisors LLC Purchases Shares of 73,087 Northern Oil and Gas, Inc. (NYSE:NOG)

Denali Advisors LLC purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 73,087 shares of the company’s stock, valued at approximately $2,716,000.

Other institutional investors also recently added to or reduced their stakes in the company. abrdn plc acquired a new stake in shares of Northern Oil and Gas during the 3rd quarter valued at approximately $17,096,000. Bridgewater Associates LP grew its stake in shares of Northern Oil and Gas by 135.6% during the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares during the period. New York State Common Retirement Fund grew its stake in shares of Northern Oil and Gas by 41.4% during the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after buying an additional 275,704 shares during the period. Jennison Associates LLC grew its stake in shares of Northern Oil and Gas by 58.6% during the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock valued at $18,453,000 after buying an additional 192,539 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock worth $34,902,000 after purchasing an additional 103,314 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Price Performance

NYSE:NOG opened at $32.23 on Wednesday. The company has a 50-day moving average of $37.22 and a 200-day moving average of $38.22. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 6.27 and a beta of 1.82. Northern Oil and Gas, Inc. has a 52 week low of $32.14 and a 52 week high of $44.31. 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 announced its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 23.38% and a return on equity of 24.41%. As a group, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently declared 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 boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 5.59%. Northern Oil and Gas’s payout ratio is currently 35.02%.

Analyst Ratings Changes

A number of equities analysts have commented on NOG shares. Piper Sandler cut their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Royal Bank of Canada dropped their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. Truist Financial upped their target price 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. Citigroup decreased 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. Finally, Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.89.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas 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 owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Northern Oil and Gas 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.