Bank of New York Mellon Corp Sells 51,532 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Bank of New York Mellon Corp decreased its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,080,863 shares of the company’s stock after selling 51,532 shares during the period. Bank of New York Mellon Corp owned about 1.09% of Northern Oil and Gas worth $32,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of NOG. Raymond James Financial Inc. purchased a new stake in Northern Oil and Gas in the 4th quarter worth $21,691,000. American Century Companies Inc. boosted its stake in shares of Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after purchasing an additional 243,531 shares in the last quarter. Natixis purchased a new stake in Northern Oil and Gas during the fourth quarter valued at approximately $7,503,000. Allspring Global Investments Holdings LLC lifted its position in Northern Oil and Gas by 12.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company’s stock valued at $46,429,000 after acquiring an additional 173,092 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in shares of Northern Oil and Gas in the fourth quarter worth $6,423,000. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 4.6%

NYSE:NOG opened at $28.02 on Wednesday. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 4.36 and a beta of 1.50. Northern Oil and Gas, Inc. has a 1-year low of $19.88 and a 1-year high of $44.31. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The business’s fifty day moving average price is $28.99 and its 200 day moving average price is $30.61.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 23.46% and a net margin of 26.64%. The company had revenue of $602.10 million during the quarter, compared to the consensus estimate of $568.87 million. During the same quarter last year, the company earned $1.28 EPS. The company’s quarterly revenue was up 51.9% on a year-over-year basis. On average, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, June 27th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, June 27th. This represents a $1.80 annualized dividend and a yield of 6.42%. Northern Oil and Gas’s dividend payout ratio is presently 28.04%.

Analysts Set New Price Targets

Several analysts recently commented on NOG shares. Citigroup raised their price target on shares of Northern Oil and Gas from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Bank of America boosted their price target on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, May 23rd. Mizuho lowered their target price on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Finally, Raymond James Financial 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 issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Northern Oil and Gas has a consensus rating of “Hold” and an average price target of $38.78.

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.