Fifth Third Bancorp Cuts Position in Northern Oil and Gas, Inc. $NOG

Fifth Third Bancorp cut its stake in Northern Oil and Gas, Inc. (NYSE:NOG) by 54.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,134 shares of the company’s stock after selling 1,346 shares during the quarter. Fifth Third Bancorp’s holdings in Northern Oil and Gas were worth $32,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Signaturefd LLC boosted its position in shares of Northern Oil and Gas by 60.0% in the 1st quarter. Signaturefd LLC now owns 1,080 shares of the company’s stock worth $33,000 after purchasing an additional 405 shares in the last quarter. Byrne Asset Management LLC boosted its position in shares of Northern Oil and Gas by 54.9% in the 1st quarter. Byrne Asset Management LLC now owns 1,363 shares of the company’s stock worth $41,000 after purchasing an additional 483 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Northern Oil and Gas by 133.3% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 954 shares of the company’s stock worth $27,000 after purchasing an additional 545 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Northern Oil and Gas by 200.3% in the 2nd quarter. UMB Bank n.a. now owns 955 shares of the company’s stock worth $27,000 after purchasing an additional 637 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the period. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $25.06 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. Northern Oil and Gas, Inc. has a twelve month low of $19.88 and a twelve month high of $44.31. The business has a 50-day moving average price of $25.57 and a 200 day moving average price of $26.89. The firm has a market cap of $2.45 billion, a PE ratio of 4.14 and a beta of 1.61.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $706.81 million during the quarter, compared to analyst estimates of $555.54 million. During the same quarter in the previous year, the business earned $1.46 EPS. Northern Oil and Gas’s revenue for the quarter was up 26.0% compared to the same quarter last year. Sell-side analysts predict 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. Investors of record on Monday, September 29th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 7.2%. The ex-dividend date is Monday, September 29th. Northern Oil and Gas’s payout ratio is currently 29.70%.

Analyst Upgrades and Downgrades

NOG has been the subject of a number of research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Saturday, September 27th. Morgan Stanley cut Northern Oil and Gas from a “positive” rating to an “underweight” rating and lowered their price target for the stock from $29.00 to $27.00 in a research report on Monday, August 18th. Citigroup lifted their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, July 9th. Piper Sandler reaffirmed a “neutral” rating and set a $25.00 price target (down previously from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Finally, William Blair initiated coverage on Northern Oil and Gas in a research report on Monday, August 25th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas has a consensus rating of “Hold” and a consensus price target of $34.38.

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.