Fifth Third Bancorp Raises Stock Holdings in Northern Oil and Gas, Inc. $NOG

Fifth Third Bancorp raised its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 13,269.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,781 shares of the company’s stock after buying an additional 42,461 shares during the quarter. Fifth Third Bancorp’s holdings in Northern Oil and Gas were worth $1,250,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Ascentis Independent Advisors purchased a new position in Northern Oil and Gas during the first quarter valued at $33,000. Jones Financial Companies Lllp boosted its stake in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after purchasing an additional 713 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in Northern Oil and Gas during the 4th quarter valued at about $43,000. Finally, EverSource Wealth Advisors LLC grew its position in Northern Oil and Gas by 429.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling

In other Northern Oil and Gas news, Director Bahram Akradi bought 25,760 shares of Northern Oil and Gas stock in a transaction on Monday, June 22nd. The shares were acquired at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the purchase, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.80% of the stock is owned by company insiders.

Northern Oil and Gas Stock Down 2.9%

Shares of NYSE NOG opened at $21.17 on Friday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. Northern Oil and Gas, Inc. has a 12-month low of $17.18 and a 12-month high of $31.17. The firm’s 50-day moving average price is $20.68 and its 200-day moving average price is $24.13. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -3.32 and a beta of 0.69.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $5.03 million during the quarter, compared to analyst estimates of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period last year, the company earned $1.33 EPS. On average, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 3.48 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be issued a dividend of $0.45 per share. The ex-dividend date is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a yield of 8.5%. Northern Oil and Gas’s payout ratio is presently -28.26%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NOG. Wall Street Zen cut shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Citigroup lowered their price objective on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Johnson Rice downgraded Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 target price on the stock. in a research note on Wednesday, May 20th. Royal Bank Of Canada lifted their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Finally, Raymond James Financial restated an “outperform” rating and issued a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $30.62.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.