Wedge Capital Management L L P NC Invests $999,000 in Northern Oil and Gas, Inc. (NYSE:NOG)

Wedge Capital Management L L P NC bought a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) during the first quarter, according to its most recent filing with the SEC. The firm bought 33,041 shares of the company’s stock, valued at approximately $999,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NOG. Headlands Technologies LLC acquired a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $29,000. Blue Trust Inc. boosted its stake in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock valued at $44,000 after purchasing an additional 801 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Northern Oil and Gas by 127.7% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,489 shares of the company’s stock valued at $45,000 after buying an additional 835 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Northern Oil and Gas in the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock worth $77,000 after buying an additional 1,570 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Up 1.6%

Shares of Northern Oil and Gas stock opened at $31.14 on Thursday. Northern Oil and Gas, Inc. has a 12-month low of $19.88 and a 12-month high of $44.31. The stock has a market capitalization of $3.07 billion, a P/E ratio of 6.06 and a beta of 1.51. The company has a 50-day simple moving average of $25.84 and a 200 day simple moving average of $32.29. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

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

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, June 27th will be issued a dividend of $0.45 per share. The ex-dividend date is Friday, June 27th. This represents a $1.80 dividend on an annualized basis and a yield of 5.78%. Northern Oil and Gas’s dividend payout ratio is 28.04%.

Northern Oil and Gas announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

NOG has been the topic of a number of research reports. Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Piper Sandler dropped their price objective 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, May 13th. Mizuho decreased their target price on Northern Oil and Gas from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Bank of America boosted their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Finally, Raymond James reiterated a “strong-buy” rating on shares of Northern Oil and Gas in a research report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $39.67.

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.