Convergence Investment Partners LLC Makes New $1.27 Million Investment in Northern Oil and Gas, Inc. (NYSE:NOG)

Convergence Investment Partners LLC purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 34,136 shares of the company's stock, valued at approximately $1,268,000.

Several other hedge funds have also recently modified their holdings of NOG. New York State Common Retirement Fund raised its position in 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 worth $39,834,000 after acquiring an additional 130,979 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in Northern Oil and Gas in the fourth quarter worth $104,000. Principal Financial Group Inc. raised its position in Northern Oil and Gas by 2.5% in the fourth quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock worth $17,904,000 after acquiring an additional 11,690 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in Northern Oil and Gas by 3.5% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 51,099 shares of the company's stock worth $1,899,000 after acquiring an additional 1,744 shares in the last quarter. Finally, James Investment Research Inc. purchased a new position in Northern Oil and Gas in the fourth quarter worth $393,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock traded down $2.38 during midday trading on Friday, reaching $33.01. 2,751,072 shares of the company were exchanged, compared to its average volume of 1,356,005. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 6.42 and a beta of 1.81. The firm's 50-day simple moving average is $37.62 and its 200-day simple moving average is $38.30. Northern Oil and Gas, Inc. has a 1 year low of $32.81 and a 1 year high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

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 company had revenue of $545.47 million for the quarter, compared to analysts' expectations 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, analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current 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. This represents a $1.80 dividend on an annualized basis and a yield of 5.45%. 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 (DPR) is presently 32.68%.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the firm'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 directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on NOG shares. Capital One Financial cut Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday. Truist Financial raised their price target on 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. Royal Bank of Canada dropped their price target on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. Piper Sandler dropped their price target on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating for the company in a research report on Wednesday, January 29th. Finally, Mizuho cut 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 report on Monday, December 16th. One investment 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.com, Northern Oil and Gas currently has a consensus rating of "Hold" and an average target price of $47.00.

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.