Phocas Financial Corp. Decreases Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

Phocas Financial Corp. reduced its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 86.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 21,460 shares of the company’s stock after selling 132,184 shares during the quarter. Phocas Financial Corp.’s holdings in Northern Oil and Gas were worth $797,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Avior Wealth Management LLC lifted its position in Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after acquiring an additional 259 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Northern Oil and Gas by 9.1% during the fourth quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock worth $129,000 after purchasing an additional 289 shares during the period. Legato Capital Management LLC boosted its position in 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 valued at $237,000 after buying an additional 349 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Northern Oil and Gas by 1.5% in the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 23,201 shares of the company’s stock worth $822,000 after buying an additional 350 shares during the period. Finally, GAMMA Investing LLC raised its position in Northern Oil and Gas by 21.0% during the 4th quarter. GAMMA Investing LLC now owns 2,120 shares of the company’s stock worth $79,000 after buying an additional 368 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on NOG. Citigroup dropped their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday. Truist Financial upped their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Royal Bank of Canada reduced their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Morgan Stanley set a $43.00 price objective on Northern Oil and Gas in a report on Wednesday, January 22nd. Finally, Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $46.89.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the sale, the president now directly owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is currently owned by company insiders.

Northern Oil and Gas Price Performance

NYSE:NOG opened at $32.23 on Wednesday. The stock has a market capitalization of $3.19 billion, a PE ratio of 6.27 and a beta of 1.82. Northern Oil and Gas, Inc. has a 52 week low of $32.14 and a 52 week high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The stock’s 50-day moving average price is $37.22 and its 200-day moving average price is $38.22.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. As a group, equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 5.59%. The ex-dividend date is Friday, March 28th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s payout ratio is presently 35.02%.

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.