Hudson Bay Capital Management LP Has $2.59 Million Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Hudson Bay Capital Management LP reduced its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 22.8% in the 4th quarter, HoldingsChannel reports. The firm owned 69,765 shares of the company’s stock after selling 20,607 shares during the period. Hudson Bay Capital Management LP’s holdings in Northern Oil and Gas were worth $2,592,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Northern Oil and Gas by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock valued at $418,916,000 after purchasing an additional 166,501 shares during the last quarter. American Century Companies Inc. lifted its stake in Northern Oil and Gas by 3.9% in the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after purchasing an additional 243,531 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Northern Oil and Gas by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,296,886 shares of the company’s stock valued at $122,507,000 after purchasing an additional 68,631 shares during the last quarter. Copeland Capital Management LLC lifted its stake in Northern Oil and Gas by 0.9% in the 4th quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock valued at $78,590,000 after purchasing an additional 18,195 shares during the last quarter. Finally, Channing Capital Management LLC lifted its stake in Northern Oil and Gas by 26.8% in the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after purchasing an additional 373,917 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NOG shares. Raymond James increased their price target on shares of Northern Oil and Gas from $35.00 to $36.00 and gave the company a “strong-buy” rating in a report on Tuesday. Mizuho lowered their price target on shares of Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Tuesday. Bank of America lowered their price target on shares of Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Morgan Stanley lowered their price target on shares of Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler lowered their price target on shares of Northern Oil and Gas from $34.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Northern Oil and Gas has a consensus rating of “Hold” and an average target price of $40.56.

Insider Activity at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the purchase, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at $6,215,673.72. The trade was a 0.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Bahram Akradi acquired 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of 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 disclosure for this purchase can be found here. 2.90% of the stock is currently owned by insiders.

Northern Oil and Gas Stock Up 5.0%

Shares of NOG opened at $29.61 on Wednesday. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The firm’s 50 day moving average is $26.30 and its 200-day moving average is $33.90. The stock has a market capitalization of $2.92 billion, a PE ratio of 5.76 and a beta of 1.47. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02.

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

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be paid a $0.45 dividend. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 6.08%. Northern Oil and Gas’s dividend payout ratio (DPR) is 28.04%.

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

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.