Channing Capital Management LLC Purchases 373,917 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Channing Capital Management LLC grew its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 26.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,766,623 shares of the company's stock after acquiring an additional 373,917 shares during the quarter. Channing Capital Management LLC owned about 1.77% of Northern Oil and Gas worth $65,648,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Icon Wealth Advisors LLC purchased a new stake in shares of Northern Oil and Gas in the third quarter valued at $828,000. Smartleaf Asset Management LLC lifted its position in Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock worth $77,000 after buying an additional 1,570 shares during the period. Principal Financial Group Inc. lifted its position in Northern Oil and Gas by 2.5% during the fourth quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock worth $17,904,000 after buying an additional 11,690 shares during the period. State of Alaska Department of Revenue lifted its position in Northern Oil and Gas by 36.1% during the fourth quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company's stock worth $2,877,000 after buying an additional 20,550 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in Northern Oil and Gas during the fourth quarter worth about $909,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling at Northern Oil and Gas

In related news, CEO Nicholas L. O'grady purchased 1,000 shares of the firm's stock in a transaction dated Friday, March 7th. The stock was bought 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 in the company, valued at $6,215,673.72. The trade was a 0.44 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Adam A. Dirlam sold 836 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company's stock.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG traded up $1.07 during mid-day trading on Friday, hitting $29.40. The company had a trading volume of 1,245,324 shares, compared to its average volume of 1,361,636. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. Northern Oil and Gas, Inc. has a 12 month low of $26.60 and a 12 month high of $44.31. The firm's 50 day simple moving average is $35.41 and its two-hundred day simple moving average is $37.41. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 5.72 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 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%. As a group, equities research analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

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

Northern Oil and Gas Increases Dividend

The company also recently announced 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 represents a $1.80 dividend on an annualized basis and a yield of 6.12%. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. Northern Oil and Gas's payout ratio is 35.02%.

Analyst Ratings Changes

NOG has been the subject of several research analyst reports. Mizuho lowered Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price target for the company. in a research note on Monday, December 16th. Truist Financial upped their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Citigroup lowered 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 note on Tuesday, February 25th. Finally, Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $46.89.

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.