Raymond James Financial Inc. Invests $21.69 Million in Northern Oil and Gas, Inc. (NYSE:NOG)

Raymond James Financial Inc. bought a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 583,719 shares of the company's stock, valued at approximately $21,691,000. Raymond James Financial Inc. owned 0.58% of Northern Oil and Gas at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of NOG. Legacy Investment Solutions LLC acquired a new stake in shares of Northern Oil and Gas in the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its position in Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after buying an additional 801 shares in the last quarter. Avior Wealth Management LLC grew its stake in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after buying an additional 259 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Northern Oil and Gas during the fourth quarter worth approximately $66,000. Finally, Quarry LP raised its stake in shares of Northern Oil and Gas by 74.4% in the third quarter. Quarry LP now owns 1,974 shares of the company's stock valued at $70,000 after acquiring an additional 842 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Insider Activity

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the sale, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nicholas L. O'grady acquired 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company's stock.

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Northern Oil and Gas Trading Up 2.6 %

Shares of NOG traded up $0.79 during trading hours on Wednesday, reaching $30.72. The stock had a trading volume of 1,488,697 shares, compared to its average volume of 1,662,820. The company has a market cap of $3.04 billion, a P/E ratio of 5.98 and a beta of 1.84. Northern Oil and Gas, Inc. has a 52 week low of $26.59 and a 52 week high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The firm has a 50-day moving average of $34.87 and a 200 day moving average of $37.16.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. On average, sell-side analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its board has authorized a share buyback plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a $0.45 dividend. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 5.86%. Northern Oil and Gas's dividend payout ratio (DPR) is currently 35.02%.

Analyst Ratings Changes

A number of research firms recently commented on NOG. Morgan Stanley set a $43.00 price target on Northern Oil and Gas in a research report on Wednesday, January 22nd. Citigroup decreased their target price on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Truist Financial upped their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Finally, Mizuho cut shares of Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $46.89.

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.