Penn Capital Management Company LLC Sells 39,180 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Penn Capital Management Company LLC reduced its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 10.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 349,944 shares of the company's stock after selling 39,180 shares during the quarter. Penn Capital Management Company LLC owned 0.35% of Northern Oil and Gas worth $13,004,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in NOG. Raymond James Financial Inc. purchased a new position in shares of Northern Oil and Gas during the 4th quarter worth approximately $21,691,000. Channing Capital Management LLC boosted its holdings in shares of Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company's stock valued at $65,648,000 after acquiring an additional 373,917 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Northern Oil and Gas by 3.9% during the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company's stock valued at $242,937,000 after buying an additional 243,531 shares during the period. Natixis purchased a new position in Northern Oil and Gas in the fourth quarter worth about $7,503,000. Finally, Ninepoint Partners LP bought a new stake in Northern Oil and Gas during the fourth quarter valued at approximately $7,432,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Northern Oil and Gas

In related news, Director Bahram Akradi acquired 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The shares were acquired at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the acquisition, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Nicholas L. O'grady purchased 1,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $27.48 per share, with a total value of $27,480.00. Following the completion of the acquisition, the chief executive officer now directly owns 226,189 shares of the company's stock, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by insiders.

Northern Oil and Gas Price Performance

NOG stock traded up $0.65 on Monday, reaching $24.81. The company had a trading volume of 2,077,578 shares, compared to its average volume of 1,490,108. The company's fifty day moving average is $27.64 and its 200 day moving average is $34.89. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market cap of $2.45 billion, a P/E ratio of 4.83 and a beta of 1.49. Northern Oil and Gas, Inc. has a 1 year low of $19.88 and a 1 year high of $44.31.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The company had revenue of $545.47 million for the quarter, compared to analysts' expectations of $552.34 million. On average, 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 buyback program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 7.26%. This is a positive change from Northern Oil and Gas's previous quarterly dividend of $0.42. Northern Oil and Gas's payout ratio is currently 35.02%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NOG. Capital One Financial downgraded shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Truist Financial boosted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a report on Monday, January 13th. Piper Sandler decreased their target price 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. Citigroup cut their price objective 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. Finally, Bank of America reduced their price objective on shares of Northern Oil and Gas from $48.00 to $41.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Northern Oil and Gas has an average rating of "Hold" and an average price target of $43.50.

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.