Raymond James & Associates Reduces Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Raymond James & Associates trimmed its stake in Northern Oil and Gas, Inc. (NYSE:NOG) by 16.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 329,422 shares of the company’s stock after selling 66,200 shares during the period. Raymond James & Associates owned 0.33% of Northern Oil and Gas worth $12,245,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in Northern Oil and Gas by 1,772.3% during the second quarter. SG Americas Securities LLC now owns 116,045 shares of the company’s stock valued at $4,313,000 after purchasing an additional 109,847 shares during the period. Harbor Capital Advisors Inc. grew its stake in shares of Northern Oil and Gas by 290.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 84,213 shares of the company’s stock valued at $3,130,000 after acquiring an additional 62,649 shares during the period. Insight Wealth Strategies LLC grew its stake in shares of Northern Oil and Gas by 2.7% during the 2nd quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock valued at $1,011,000 after acquiring an additional 717 shares during the period. GAMMA Investing LLC increased its holdings in Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after acquiring an additional 528 shares in the last quarter. Finally, Boston Partners bought a new stake in Northern Oil and Gas during the 1st quarter worth approximately $885,000. 98.80% of the stock is owned by institutional investors.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $39.61 on Friday. The stock has a market capitalization of $4.00 billion, a PE ratio of 6.42 and a beta of 1.79. Northern Oil and Gas, Inc. has a 1-year low of $31.13 and a 1-year high of $43.80. The business has a 50 day simple moving average of $38.84 and a two-hundred day simple moving average of $38.74. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.96.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. Northern Oil and Gas’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the firm posted $1.49 earnings per share. On average, research analysts predict that Northern Oil and Gas, Inc. will post 5.12 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.24%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 27th. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Analysts Set New Price Targets

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

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $40.86, for a total transaction of $56,877.12. Following the sale, the president now directly owns 109,020 shares of the company’s stock, valued at $4,454,557.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.86, for a total transaction of $56,877.12. Following the completion of the transaction, the president now directly owns 109,020 shares of the company’s stock, valued at $4,454,557.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,534 shares of company stock valued at $252,144. 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.