Lord Abbett & CO. LLC Cuts Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Lord Abbett & CO. LLC decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 8.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 246,062 shares of the company's stock after selling 22,686 shares during the period. Lord Abbett & CO. LLC owned about 0.25% of Northern Oil and Gas worth $8,713,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Icon Wealth Advisors LLC bought a new stake in shares of Northern Oil and Gas in the 3rd quarter worth approximately $828,000. American Century Companies Inc. increased its position in Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company's stock valued at $206,905,000 after purchasing an additional 552,645 shares during the period. Emerald Mutual Fund Advisers Trust raised its holdings in Northern Oil and Gas by 18.5% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 453,414 shares of the company's stock worth $16,853,000 after purchasing an additional 70,709 shares in the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Northern Oil and Gas in the 2nd quarter worth about $625,000. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Northern Oil and Gas by 16.3% during the 2nd quarter. Mutual of America Capital Management LLC now owns 443,264 shares of the company's stock valued at $16,476,000 after purchasing an additional 62,254 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on NOG shares. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They issued a "buy" rating and a $53.00 price objective for the company. Truist Financial lifted their price target on Northern Oil and Gas from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Friday. Mizuho downgraded Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price objective for the company. in a report on Monday. Morgan Stanley dropped their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Finally, Royal Bank of Canada downgraded shares of Northern Oil and Gas from an "outperform" rating to a "sector perform" rating and upped their target price for the stock from $43.00 to $45.00 in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.20.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 2,508 shares of the firm's stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now directly owns 107,876 shares of the company's stock, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Chad W. Allen sold 1,500 shares of the business's stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares of the company's stock, valued at $3,351,680. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,508 shares of company stock valued at $248,113. Company insiders own 2.80% of the company's stock.

Northern Oil and Gas Stock Down 2.0 %

Shares of Northern Oil and Gas stock traded down $0.79 on Tuesday, reaching $38.48. The company's stock had a trading volume of 2,131,540 shares, compared to its average volume of 1,306,336. Northern Oil and Gas, Inc. has a 52 week low of $31.13 and a 52 week high of $44.31. The firm's fifty day simple moving average is $39.90 and its two-hundred day simple moving average is $38.75. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 4.60 and a beta of 1.85.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.20. The business had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Northern Oil and Gas's revenue was up 140.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 EPS. Equities analysts anticipate that Northern Oil and Gas, Inc. will post 5.4 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.37%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas's dividend payout ratio is currently 20.17%.

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.