Mesirow Institutional Investment Management Inc. Takes $553,000 Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Mesirow Institutional Investment Management Inc. bought a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) in the second quarter, Holdings Channel reports. The institutional investor bought 14,885 shares of the company’s stock, valued at approximately $553,000.

A number of other hedge funds have also made changes to their positions in NOG. Rhumbline Advisers increased its holdings in Northern Oil and Gas by 12.0% during the 2nd quarter. Rhumbline Advisers now owns 285,609 shares of the company’s stock valued at $10,616,000 after purchasing an additional 30,690 shares in the last quarter. Natixis Advisors LLC grew its holdings in shares of Northern Oil and Gas by 23.8% during the second quarter. Natixis Advisors LLC now owns 82,456 shares of the company’s stock worth $3,065,000 after purchasing an additional 15,870 shares during the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Northern Oil and Gas by 24.7% in the second quarter. Aptus Capital Advisors LLC now owns 164,488 shares of the company’s stock valued at $6,114,000 after buying an additional 32,558 shares in the last quarter. Heritage Family Offices LLP bought a new position in shares of Northern Oil and Gas in the second quarter valued at about $217,000. Finally, Legato Capital Management LLC lifted its position in Northern Oil and Gas by 16.4% during the 2nd quarter. Legato Capital Management LLC now owns 6,034 shares of the company’s stock worth $224,000 after buying an additional 848 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Wall Street Analysts Forecast Growth

NOG has been the subject of a number of research analyst reports. Truist Financial boosted their target price on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Piper Sandler reduced their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Bank of America lifted their target price on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price target on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Northern Oil and Gas has an average rating of “Moderate Buy” and an average price target of $48.00.

Northern Oil and Gas Stock Down 3.7 %

Shares of Northern Oil and Gas stock opened at $36.71 on Thursday. The company has a market capitalization of $3.71 billion, a P/E ratio of 5.95 and a beta of 1.79. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day moving average of $39.14 and a two-hundred day moving average of $39.11. Northern Oil and Gas, Inc. has a 1 year low of $31.13 and a 1 year high of $43.80.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. During the same period in the prior year, the business earned $1.49 EPS. Northern Oil and Gas’s revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 5.41 EPS for the current 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 paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 4.58%. Northern Oil and Gas’s dividend payout ratio is presently 27.23%.

Insiders Place Their Bets

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the president now owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the sale, the chief executive officer now owns 224,332 shares in the company, valued at approximately $8,526,859.32. 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.