Royce & Associates LP Has $10.35 Million Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Royce & Associates LP lowered its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 18.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 278,595 shares of the company’s stock after selling 63,254 shares during the quarter. Royce & Associates LP owned about 0.28% of Northern Oil and Gas worth $10,353,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Northern Oil and Gas during the fourth quarter valued at approximately $21,691,000. Channing Capital Management LLC boosted its stake in Northern Oil and Gas by 26.8% during the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after buying an additional 373,917 shares in the last quarter. Bridgewater Associates LP increased its holdings in Northern Oil and Gas by 135.6% in the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after buying an additional 294,223 shares during the period. Jennison Associates LLC raised its stake in shares of Northern Oil and Gas by 58.6% in the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock valued at $18,453,000 after buying an additional 192,539 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in shares of Northern Oil and Gas by 13.9% during the 4th quarter. New York State Common Retirement Fund now owns 1,071,966 shares of the company’s stock worth $39,834,000 after acquiring an additional 130,979 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now directly owns 1,662,016 shares in the company, valued at $46,586,308.48. The trade was a 2.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Nicholas L. O’grady acquired 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the purchase, the chief executive officer now directly owns 226,189 shares in the company, valued at $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup lowered their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Piper Sandler lowered their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a report on Monday, December 16th. Finally, Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus price target of $46.89.

Northern Oil and Gas Stock Up 0.1 %

Shares of NOG opened at $29.41 on Tuesday. The business’s fifty day moving average price is $35.05 and its two-hundred day moving average price is $37.23. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 5.72 and a beta of 1.84. Northern Oil and Gas, Inc. has a 52 week low of $26.60 and a 52 week high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The firm had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas declared that its Board of Directors has authorized a share repurchase program on Tuesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.12%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s payout ratio is 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.