LPL Financial LLC Raises Position in Northern Oil and Gas, Inc. $NOG

LPL Financial LLC grew its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 20.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 78,146 shares of the company’s stock after acquiring an additional 13,377 shares during the quarter. LPL Financial LLC owned 0.08% of Northern Oil and Gas worth $2,362,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Natixis purchased a new position in Northern Oil and Gas during the fourth quarter valued at approximately $7,503,000. Allspring Global Investments Holdings LLC grew its stake in shares of Northern Oil and Gas by 12.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,554,377 shares of the company’s stock worth $46,429,000 after purchasing an additional 173,092 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Northern Oil and Gas during the 4th quarter valued at approximately $5,906,000. Northern Trust Corp lifted its stake in shares of Northern Oil and Gas by 9.2% in the 4th quarter. Northern Trust Corp now owns 1,246,573 shares of the company’s stock valued at $46,323,000 after purchasing an additional 104,854 shares during the period. Finally, Gotham Asset Management LLC purchased a new stake in Northern Oil and Gas during the fourth quarter worth $3,768,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Down 2.3%

NOG stock opened at $23.79 on Tuesday. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 3.93 and a beta of 1.55. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average of $28.36 and a two-hundred day moving average of $28.42.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Thursday, July 31st. The company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.50. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%. The business had revenue of $706.81 million during the quarter, compared to the consensus estimate of $555.54 million. During the same period last year, the company earned $1.46 EPS. The company’s revenue for the quarter was up 26.0% on a year-over-year basis. As a group, 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 declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a $0.45 dividend. The ex-dividend date is Monday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.6%. Northern Oil and Gas’s payout ratio is 29.70%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NOG. Bank of America lifted their price objective on shares of Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Mizuho reduced their price target on Northern Oil and Gas from $33.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, July 16th. Royal Bank Of Canada dropped their price objective on Northern Oil and Gas from $34.00 to $33.00 and set a “sector perform” rating on the stock in a report on Monday, July 14th. Piper Sandler restated a “neutral” rating and issued a $25.00 price objective (down from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Finally, Morgan Stanley downgraded shares of Northern Oil and Gas from a “positive” rating to an “underweight” rating and decreased their price objective for the company from $29.00 to $27.00 in a report on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and an average target price of $36.89.

Northern Oil and Gas Company 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.