7,685 Shares in Northern Oil and Gas, Inc. (NYSE:NOG) Bought by AXQ Capital LP

AXQ Capital LP bought a new position in Northern Oil and Gas, Inc. (NYSE:NOG) during the 4th quarter, HoldingsChannel reports. The fund bought 7,685 shares of the company’s stock, valued at approximately $286,000.

Other hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new position in shares of Northern Oil and Gas in the third quarter worth $25,000. Blue Trust Inc. increased its position 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. Avior Wealth Management LLC increased its position in 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 valued at $51,000 after purchasing an additional 259 shares during the period. SBI Securities Co. Ltd. purchased a new position in Northern Oil and Gas during the 4th quarter valued at $66,000. Finally, Quarry LP increased its position in Northern Oil and Gas by 74.4% during the 3rd quarter. Quarry LP now owns 1,974 shares of the company’s stock valued at $70,000 after purchasing an additional 842 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $30.02 on Monday. The stock has a market cap of $2.98 billion, a PE ratio of 5.84 and a beta of 1.84. The company’s fifty day moving average price is $34.33 and its 200-day moving average price is $36.99. Northern Oil and Gas, Inc. has a 12 month low of $26.60 and a 12 month high of $44.31. 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 quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The firm had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a $0.45 dividend. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.00%. Northern Oil and Gas’s payout ratio is presently 35.02%.

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

Analyst Ratings Changes

A number of brokerages have issued reports on NOG. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Monday, December 16th. Royal Bank of Canada reduced their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Truist Financial boosted their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Finally, Piper Sandler dropped their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.89.

Insider Buying and Selling

In related news, CEO Nicholas L. O’grady bought 1,000 shares of the stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the purchase, the chief executive officer now owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

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.