Bayesian Capital Management LP Invests $357,000 in Northern Oil and Gas, Inc. (NYSE:NOG)

Bayesian Capital Management LP acquired a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,600 shares of the company’s stock, valued at approximately $357,000.

Other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Northern Oil and Gas in the 4th quarter valued at approximately $21,691,000. Channing Capital Management LLC lifted 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 purchasing an additional 373,917 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after buying an additional 243,531 shares during the period. Natixis acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at $7,503,000. Finally, Ninepoint Partners LP acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at $7,432,000. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Trading Down 0.1 %

NYSE NOG opened at $24.43 on Thursday. 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 has a market capitalization of $2.41 billion, a P/E ratio of 4.75 and a beta of 1.47. Northern Oil and Gas, Inc. has a 52-week low of $19.88 and a 52-week high of $44.31. The firm has a 50-day moving average price of $26.29 and a 200 day moving average price of $34.19.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $602.10 million during the quarter, compared to analysts’ expectations of $568.87 million. During the same period last year, the firm earned $1.28 EPS. The company’s quarterly revenue was up 51.9% compared to the same quarter last year. Equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its Board of Directors has approved a share buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be issued a $0.45 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.37%. Northern Oil and Gas’s dividend payout ratio is presently 28.04%.

Insider Buying and Selling

In other news, Director Bahram Akradi purchased 40,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price 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 of the company’s stock, valued at $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nicholas L. O’grady purchased 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the acquisition, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.90% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on NOG. Bank of America lowered their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a report on Monday, April 14th. Truist Financial boosted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $43.50.

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.