Rhumbline Advisers Sells 12,896 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Rhumbline Advisers decreased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 272,178 shares of the company’s stock after selling 12,896 shares during the period. Rhumbline Advisers owned approximately 0.27% of Northern Oil and Gas worth $8,228,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in NOG. Janney Montgomery Scott LLC increased its position in Northern Oil and Gas by 17.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 9,743 shares of the company’s stock worth $362,000 after buying an additional 1,461 shares during the period. Entropy Technologies LP increased its position in shares of Northern Oil and Gas by 68.5% in the fourth quarter. Entropy Technologies LP now owns 18,868 shares of the company’s stock worth $701,000 after purchasing an additional 7,668 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Northern Oil and Gas by 1.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,381,285 shares of the company’s stock worth $52,102,000 after purchasing an additional 21,754 shares during the period. Legato Capital Management LLC increased its position in shares of Northern Oil and Gas by 5.8% in the fourth quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock worth $237,000 after purchasing an additional 349 shares during the period. Finally, New York State Teachers Retirement System increased its position in shares of Northern Oil and Gas by 1.7% in the fourth quarter. New York State Teachers Retirement System now owns 46,664 shares of the company’s stock worth $1,734,000 after purchasing an additional 800 shares during the period. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $30.65 on Wednesday. The business’s 50-day moving average price is $25.68 and its 200-day moving average price is $32.30. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 5.96 and a beta of 1.51. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. During the same period last year, the firm posted $1.28 earnings per share. The business’s revenue for the quarter was up 51.9% on a year-over-year basis. Equities research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.87%. The ex-dividend date is Friday, June 27th. Northern Oil and Gas’s payout ratio is 28.04%.

Northern Oil and Gas declared that its board has approved a share buyback program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts recently commented on NOG shares. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Piper Sandler decreased their price target on Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Morgan Stanley decreased their price target on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Bank of America lifted their target price on Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Finally, Raymond James reiterated a “strong-buy” rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $39.67.

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.