Arizona State Retirement System Grows Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Arizona State Retirement System lifted its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 11.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,039 shares of the company’s stock after purchasing an additional 2,527 shares during the quarter. Arizona State Retirement System’s holdings in Northern Oil and Gas were worth $928,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Captrust Financial Advisors raised its position in Northern Oil and Gas by 1,349.4% in the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock worth $29,000 after acquiring an additional 1,066 shares in the last quarter. Quarry LP purchased a new position in Northern Oil and Gas in the second quarter worth $31,000. DekaBank Deutsche Girozentrale purchased a new position in Northern Oil and Gas in the third quarter worth $67,000. State of Wyoming purchased a new position in Northern Oil and Gas in the fourth quarter worth $82,000. Finally, Covestor Ltd raised its position in Northern Oil and Gas by 44,860.0% in the third quarter. Covestor Ltd now owns 2,248 shares of the company’s stock worth $90,000 after acquiring an additional 2,243 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Up 0.9 %

NOG opened at $42.75 on Wednesday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.90. The firm has a market cap of $4.32 billion, a P/E ratio of 4.26 and a beta of 1.86. Northern Oil and Gas, Inc. has a 52 week low of $29.57 and a 52 week high of $43.64. The business’s fifty day simple moving average is $37.40 and its 200 day simple moving average is $37.08.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Friday, February 23rd. The company reported $1.61 EPS for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). The company had revenue of $543.40 million for the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The firm’s revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.43 EPS. As a group, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.41 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Wednesday, March 27th. Northern Oil and Gas’s payout ratio is currently 15.94%.

Insider Activity at Northern Oil and Gas

In related news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the sale, the chief executive officer now owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the sale, the insider now directly owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock valued at $436,614 over the last quarter. Insiders own 3.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on NOG. Citigroup cut their price objective on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Bank of America cut Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price objective for the company. in a research report on Friday, January 5th. Raymond James lowered their target price on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Piper Sandler lowered their target price on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Finally, Truist Financial lowered their target price on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.60.

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.