Brandywine Global Investment Management LLC Boosts Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Brandywine Global Investment Management LLC raised its stake in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 3.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 338,861 shares of the company's stock after buying an additional 10,961 shares during the period. Brandywine Global Investment Management LLC owned about 0.34% of Northern Oil and Gas worth $12,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas in the third quarter valued at approximately $25,000. Blue Trust Inc. grew its position in shares of Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock worth $44,000 after buying an additional 801 shares in the last quarter. Avior Wealth Management LLC grew its holdings in Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after acquiring an additional 259 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Northern Oil and Gas during the fourth quarter valued at approximately $66,000. Finally, Quarry LP increased its holdings in Northern Oil and Gas by 74.4% during the third quarter. Quarry LP now owns 1,974 shares of the company's stock valued at $70,000 after buying an additional 842 shares during the period. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG traded down $2.62 during midday trading on Friday, reaching $23.35. The company had a trading volume of 5,350,975 shares, compared to its average volume of 1,444,755. Northern Oil and Gas, Inc. has a 1 year low of $22.50 and a 1 year high of $44.31. The business's 50-day simple moving average is $32.05 and its 200 day simple moving average is $36.60. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The stock has a market cap of $2.31 billion, a P/E ratio of 4.54 and a beta of 1.49.

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Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (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 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 forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its board has authorized a stock repurchase 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 shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given 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 7.71%. This is a positive change from Northern Oil and Gas's previous quarterly dividend of $0.42. Northern Oil and Gas's dividend payout ratio is currently 35.02%.

Insider Buying and Selling

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction on 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 in the company, valued at $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O'grady bought 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $27.48 per share, with a total value of $27,480.00. Following the acquisition, the chief executive officer now owns 226,189 shares of the company's stock, valued at $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NOG has been the topic of several recent research reports. Citigroup dropped their target price on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Bank of America dropped their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a "buy" rating on the stock in a research report on Tuesday. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Thursday, February 13th. 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. Finally, Truist Financial increased their target price on shares of 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. One equities 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 MarketBeat.com, Northern Oil and Gas currently has a consensus rating of "Hold" and a consensus price target of $45.44.

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.