Penn Capital Management Company LLC Reduces Stock Position in Northern Oil and Gas, Inc. $NOG

Penn Capital Management Company LLC lessened its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 494,843 shares of the company’s stock after selling 23,196 shares during the quarter. Penn Capital Management Company LLC owned approximately 0.51% of Northern Oil and Gas worth $10,651,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Northern Oil and Gas by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock worth $233,453,000 after purchasing an additional 141,499 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Northern Oil and Gas by 5.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock worth $122,563,000 after purchasing an additional 235,869 shares in the last quarter. Westfield Capital Management Co. LP increased its position in Northern Oil and Gas by 9.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,899,017 shares of the company’s stock worth $47,096,000 after purchasing an additional 158,713 shares in the last quarter. Channing Capital Management LLC increased its position in Northern Oil and Gas by 15.7% during the 3rd quarter. Channing Capital Management LLC now owns 1,702,177 shares of the company’s stock worth $42,214,000 after purchasing an additional 230,899 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new stake in Northern Oil and Gas during the 4th quarter worth about $25,492,000. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Down 5.8%

NOG opened at $22.37 on Wednesday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -3.51 and a beta of 0.75. The business has a 50-day moving average of $26.51 and a two-hundred day moving average of $24.79. Northern Oil and Gas, Inc. has a 12 month low of $20.18 and a 12 month high of $32.62.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.71 by $0.03. The company had revenue of $5.03 million during the quarter, compared to analysts’ expectations of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.33 EPS. On average, research analysts expect that Northern Oil and Gas, Inc. will post 3.38 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be issued a $0.45 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.80 annualized dividend and a yield of 8.0%. Northern Oil and Gas’s payout ratio is -28.26%.

Wall Street Analyst Weigh In

A number of analysts recently commented on NOG shares. Bank of America lifted their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Citigroup dropped their price objective on Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Weiss Ratings cut Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Morgan Stanley reiterated an “underweight” rating and set a $29.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research report on Friday. Finally, Johnson Rice cut Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $33.00.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.