Northern Oil and Gas, Inc. (NYSE:NOG) Stock Position Raised by Graham Capital Management L.P.

Graham Capital Management L.P. raised its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 374.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,923 shares of the company’s stock after purchasing an additional 31,504 shares during the period. Graham Capital Management L.P.’s holdings in Northern Oil and Gas were worth $1,484,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOG. Heritage Family Offices LLP purchased a new stake in shares of Northern Oil and Gas during the 4th quarter worth about $244,000. Hennion & Walsh Asset Management Inc. raised its stake in shares of Northern Oil and Gas by 11.9% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 30,532 shares of the company’s stock worth $1,135,000 after purchasing an additional 3,239 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Northern Oil and Gas by 17.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 9,743 shares of the company’s stock worth $362,000 after purchasing an additional 1,461 shares in the last quarter. Avior Wealth Management LLC raised its stake in shares of Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares in the last quarter. Finally, Tributary Capital Management LLC raised its stake in shares of Northern Oil and Gas by 11.8% during the 4th quarter. Tributary Capital Management LLC now owns 588,487 shares of the company’s stock worth $21,868,000 after purchasing an additional 62,300 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Up 6.2%

Shares of NOG stock opened at $28.21 on Tuesday. Northern Oil and Gas, Inc. has a 12 month low of $19.88 and a 12 month high of $44.31. The firm has a market cap of $2.78 billion, a PE ratio of 5.49 and a beta of 1.47. The stock has a 50 day moving average of $26.24 and a 200-day moving average of $33.93. 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 released its quarterly earnings data on Tuesday, April 29th. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.21. The business had revenue of $602.10 million for the quarter, compared to analysts’ expectations of $568.87 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. Northern Oil and Gas’s quarterly revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.28 earnings per share. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas declared that its board has initiated a stock repurchase program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, June 27th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.38%. The ex-dividend date of this dividend is Friday, June 27th. Northern Oil and Gas’s dividend payout ratio is presently 28.04%.

Insider Activity

In related news, CEO Nicholas L. O’grady acquired 1,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, for a total transaction 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 hyperlink. Also, Director Bahram Akradi acquired 40,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of $28.03 per share, with a total value 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 approximately $46,586,308.48. This represents 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 company insiders.

Wall Street Analysts Forecast Growth

NOG has been the subject of a number of recent research reports. Piper Sandler cut their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. Royal Bank of Canada cut their price objective on Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a research note on Monday, April 14th. Truist Financial raised their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Finally, Bank of America cut their price target 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. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.