Legal & General Group Plc Buys New Shares in Northern Oil and Gas, Inc. $NOG

Legal & General Group Plc purchased a new position in Northern Oil and Gas, Inc. (NYSE:NOG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 254,153 shares of the company’s stock, valued at approximately $4,613,000. Legal & General Group Plc owned about 0.24% of Northern Oil and Gas as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in NOG. The Manufacturers Life Insurance Company purchased a new position in shares of Northern Oil and Gas in the second quarter worth about $917,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Northern Oil and Gas during the 2nd quarter valued at about $787,000. Northwestern Mutual Wealth Management Co. bought a new position in Northern Oil and Gas during the 2nd quarter worth approximately $29,000. Allworth Financial LP bought a new position in Northern Oil and Gas during the 2nd quarter worth approximately $31,000. Finally, Virtus Advisers LLC purchased a new position in Northern Oil and Gas in the 2nd quarter worth approximately $372,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

NOG opened at $25.82 on Friday. The stock has a fifty day simple moving average of $22.10 and a two-hundred day simple moving average of $24.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -4.98 and a beta of 0.73. Northern Oil and Gas, Inc. has a 12-month low of $17.18 and a 12-month high of $31.17.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The business had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.37 EPS. Research analysts predict that Northern Oil and Gas, Inc. will post 3.79 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a yield of 7.0%. Northern Oil and Gas’s payout ratio is presently -34.75%.

Analysts Set New Price Targets

NOG has been the subject of several recent research reports. Citigroup lowered their price objective on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Weiss Ratings raised shares of Northern Oil and Gas from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Mizuho upgraded shares of Northern Oil and Gas to a “hold” rating in a report on Friday, July 31st. Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas has a consensus rating of “Hold” and an average price target of $30.62.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi bought 25,760 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.