Proficio Capital Partners LLC Makes New Investment in Northern Oil and Gas, Inc. (NYSE:NOG)

Proficio Capital Partners LLC acquired a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,469 shares of the company's stock, valued at approximately $909,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Legacy Investment Solutions LLC acquired a new position in shares of Northern Oil and Gas in the 3rd quarter valued at $25,000. Blue Trust Inc. lifted its stake in shares of Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after purchasing an additional 801 shares during the last quarter. Avior Wealth Management LLC lifted its stake in shares of Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock valued at $51,000 after purchasing an additional 259 shares during the last quarter. Covestor Ltd lifted its stake in shares of Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company's stock valued at $67,000 after purchasing an additional 1,048 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of Northern Oil and Gas by 74.4% in the 3rd quarter. Quarry LP now owns 1,974 shares of the company's stock valued at $70,000 after purchasing an additional 842 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NOG. Royal Bank of Canada decreased their price target on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Thursday, February 13th. Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Truist Financial increased their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a research note 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 on the stock in a research note on Wednesday, January 29th. Finally, Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $46.89.

Remove Ads

Northern Oil and Gas Stock Up 2.4 %

NYSE NOG traded up $0.64 during trading hours on Friday, hitting $27.53. 2,094,112 shares of the company were exchanged, compared to its average volume of 1,676,173. The company has a 50 day moving average of $36.12 and a two-hundred day moving average of $37.69. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a 52-week low of $26.59 and a 52-week high of $44.31. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 5.36 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The company had revenue of $545.47 million for the quarter, compared to analysts' expectations of $552.34 million. Equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be issued a $0.45 dividend. The ex-dividend date is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.54%. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. Northern Oil and Gas's dividend payout ratio is presently 35.02%.

Insider Activity

In other news, President Adam A. Dirlam sold 836 shares of the 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 transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bahram Akradi acquired 40,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average price of $28.03 per share, for a total transaction 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 disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.

Northern Oil and Gas 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.