AlphaQuest LLC Purchases New Position in Northern Oil and Gas, Inc. (NYSE:NOG)

AlphaQuest LLC purchased 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 filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 32,696 shares of the company's stock, valued at approximately $1,215,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in shares of Northern Oil and Gas by 4.6% in the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company's stock worth $80,884,000 after acquiring an additional 100,761 shares during the period. Copeland Capital Management LLC increased its position in shares of Northern Oil and Gas by 0.9% during the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company's stock valued at $78,590,000 after buying an additional 18,195 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Northern Oil and Gas by 1.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,381,285 shares of the company's stock worth $52,102,000 after buying an additional 21,754 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Northern Oil and Gas by 13.9% in the fourth quarter. New York State Common Retirement Fund now owns 1,071,966 shares of the company's stock valued at $39,834,000 after acquiring an additional 130,979 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Northern Oil and Gas by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company's stock valued at $39,349,000 after acquiring an additional 73,256 shares in the last quarter. Institutional investors own 98.80% of the company's stock.

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Analysts Set New Price Targets

NOG has been the topic of several recent analyst reports. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. Royal Bank of Canada lowered their price objective on 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. Citigroup reduced their target price on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Piper Sandler decreased their target price on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 29th. Finally, 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $46.89.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock traded down $0.48 during trading on Thursday, hitting $28.33. 1,255,068 shares of the stock traded hands, compared to its average volume of 1,699,071. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 5.51 and a beta of 1.84. 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, Inc. has a 52 week low of $26.59 and a 52 week high of $44.31. The firm's fifty day moving average is $35.60 and its 200-day moving average is $37.48.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts' consensus estimates 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%. Research 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 firm 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. The ex-dividend date is Friday, March 28th. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 6.35%. Northern Oil and Gas's payout ratio is currently 35.02%.

Northern Oil and Gas announced that its board has approved a share buyback plan on Tuesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 3.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Northern Oil and Gas

In related news, CEO Nicholas L. O'grady bought 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the purchase, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The shares were 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 of the company's stock, valued at $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.80% of the company's stock.

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.