Connor Clark & Lunn Investment Management Ltd. Purchases New Shares in Northern Oil and Gas, Inc. (NYSE:NOG)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 45,096 shares of the company's stock, valued at approximately $1,676,000.

A number of other hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas in the third quarter worth about $25,000. Blue Trust Inc. grew its holdings in shares of Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock worth $44,000 after purchasing an additional 801 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of Northern Oil and Gas by 23.3% in the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after purchasing an additional 259 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Northern Oil and Gas in the fourth quarter worth about $66,000. Finally, Quarry LP grew its holdings 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 worth $70,000 after purchasing an additional 842 shares during the last quarter. Institutional investors own 98.80% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NOG. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a report on Wednesday, January 22nd. Citigroup cut their price target on shares of 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. Piper Sandler cut their price target 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. Truist Financial increased their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Finally, Capital One Financial cut shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $46.89.

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Insider Buying and Selling at Northern Oil and Gas

In related news, CEO Nicholas L. O'grady acquired 1,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $27.48 per share, with a total value of $27,480.00. Following the transaction, the chief executive officer now directly owns 226,189 shares of the company's stock, valued at $6,215,673.72. This trade represents a 0.44 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company's stock, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.80% of the company's stock.

Northern Oil and Gas Stock Down 2.5 %

Shares of NOG stock traded down $0.78 during mid-day trading on Friday, hitting $30.02. 3,518,495 shares of the stock traded hands, compared to its average volume of 1,372,463. The stock has a market cap of $2.98 billion, a P/E ratio of 5.84 and a beta of 1.84. The stock's fifty day moving average is $34.33 and its two-hundred day moving average is $36.99. Northern Oil and Gas, Inc. has a 52-week low of $26.60 and a 52-week high of $44.31. 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 (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The firm had revenue of $545.47 million for the quarter, compared to analysts' expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Equities analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

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 given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 6.00%. This is a positive change from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas's dividend payout ratio is presently 35.02%.

Northern Oil and Gas announced that its Board of Directors has approved a share repurchase program on Tuesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

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.