Northern Oil and Gas, Inc. (NYSE:NOG) Stake Cut by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 29.9% in the 3rd quarter, Holdings Channel reports. The fund owned 87,985 shares of the company’s stock after selling 37,546 shares during the period. Edgestream Partners L.P.’s holdings in Northern Oil and Gas were worth $3,116,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NOG. Dimensional Fund Advisors LP lifted its stake in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares in the last quarter. American Century Companies Inc. lifted its stake in Northern Oil and Gas by 11.0% in the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares in the last quarter. abrdn plc purchased a new stake in Northern Oil and Gas in the 3rd quarter worth about $17,096,000. Bridgewater Associates LP raised its stake in shares of Northern Oil and Gas by 135.6% during the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after purchasing an additional 294,223 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Northern Oil and Gas by 41.4% during the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after purchasing an additional 275,704 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Chad W. Allen sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. The trade was a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,508 shares of company stock valued at $248,113 in the last 90 days. 2.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NOG. Morgan Stanley cut their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Truist Financial raised their price target on Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Piper Sandler raised their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Monday, November 18th. Jefferies Financial Group began coverage on Northern Oil and Gas in a research note on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target for the company. Finally, Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $43.00 to $45.00 in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Stock Up 0.1 %

Shares of NOG stock opened at $43.49 on Monday. The stock’s 50 day simple moving average is $38.98 and its 200 day simple moving average is $38.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. Northern Oil and Gas, Inc. has a twelve month low of $31.13 and a twelve month high of $44.31. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 5.22 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The company’s revenue was up 140.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 EPS. As a group, research analysts predict that Northern Oil and Gas, Inc. will post 5.4 EPS for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, December 30th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 20.17%.

Northern Oil and Gas Company 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.