Northern Oil and Gas, Inc. (NYSE:NOG) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 23.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,625 shares of the company’s stock after selling 4,197 shares during the quarter. ProShare Advisors LLC’s holdings in Northern Oil and Gas were worth $506,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of Northern Oil and Gas by 11.5% during the 4th quarter. Franklin Resources Inc. now owns 25,898 shares of the company’s stock worth $960,000 after purchasing an additional 2,680 shares in the last quarter. US Bancorp DE lifted its stake in shares of Northern Oil and Gas by 37.2% in the fourth quarter. US Bancorp DE now owns 18,741 shares of the company’s stock valued at $695,000 after purchasing an additional 5,080 shares during the period. Allianz Asset Management GmbH boosted its holdings in Northern Oil and Gas by 5.3% during the fourth quarter. Allianz Asset Management GmbH now owns 104,787 shares of the company’s stock worth $3,884,000 after buying an additional 5,320 shares in the last quarter. TFO Wealth Partners LLC grew its position in Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after buying an additional 1,121 shares during the period. Finally, Capstone Investment Advisors LLC acquired a new position in Northern Oil and Gas during the fourth quarter worth about $217,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Piper Sandler decreased their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Bank of America raised their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Morgan Stanley decreased their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial dropped their target price on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and an average price target of $46.60.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas 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 sale, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Price Performance

NYSE:NOG opened at $35.40 on Tuesday. Northern Oil and Gas, Inc. has a 12-month low of $31.13 and a 12-month high of $43.80. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 5.74 and a beta of 1.81. The company’s 50-day moving average is $37.85 and its two-hundred day moving average is $39.12. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.26. The business had revenue of $560.80 million for the quarter, compared to the consensus estimate of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.49 earnings per share. Research analysts expect that Northern Oil and Gas, Inc. will post 5.29 EPS 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 represents a $1.68 dividend on an annualized basis and a dividend yield of 4.75%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is currently 27.23%.

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.