Bank of New York Mellon Corp Has $45.35 Million Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Bank of New York Mellon Corp increased its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,220,044 shares of the company’s stock after buying an additional 49,632 shares during the quarter. Bank of New York Mellon Corp owned about 1.21% of Northern Oil and Gas worth $45,349,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Great Valley Advisor Group Inc. acquired a new stake in shares of Northern Oil and Gas in the 4th quarter valued at $782,000. Swiss National Bank boosted its holdings in shares of Northern Oil and Gas by 1.6% in the 4th quarter. Swiss National Bank now owns 176,500 shares of the company’s stock valued at $6,543,000 after purchasing an additional 2,700 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Northern Oil and Gas by 305.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after purchasing an additional 927 shares in the last quarter. Amalgamated Bank boosted its holdings in shares of Northern Oil and Gas by 5.7% in the 4th quarter. Amalgamated Bank now owns 38,027 shares of the company’s stock valued at $1,410,000 after purchasing an additional 2,049 shares in the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Northern Oil and Gas by 37.9% in the 4th quarter. Private Advisor Group LLC now owns 8,437 shares of the company’s stock valued at $313,000 after purchasing an additional 2,319 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 1.3 %

Shares of NYSE:NOG opened at $39.78 on Monday. The firm has a market cap of $4.02 billion, a P/E ratio of 6.45 and a beta of 1.79. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas, Inc. has a 12-month low of $31.13 and a 12-month high of $43.80. The business has a fifty day simple moving average of $39.12 and a 200 day simple moving average of $39.04.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.26. The business had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. Northern Oil and Gas’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period last year, the company earned $1.49 EPS. Analysts predict that Northern Oil and Gas, Inc. will post 5.41 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.42 dividend. The ex-dividend date is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 4.22%. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Truist Financial raised their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 1st. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Bank of America raised their price objective on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, Piper Sandler cut their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the transaction, the president now directly owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

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.