Proficio Capital Partners LLC Invests $909,000 in Northern Oil and Gas, Inc. (NYSE:NOG)

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

Several other hedge funds have also bought and sold shares of the business. Avior Wealth Management LLC raised its holdings in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company's stock worth $51,000 after buying an additional 259 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Northern Oil and Gas by 9.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company's stock worth $129,000 after acquiring an additional 289 shares during the last quarter. Legato Capital Management LLC raised its holdings in shares of Northern Oil and Gas by 5.8% in the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company's stock worth $237,000 after acquiring an additional 349 shares during the last quarter. GAMMA Investing LLC lifted its position in Northern Oil and Gas by 21.0% in the 4th quarter. GAMMA Investing LLC now owns 2,120 shares of the company's stock valued at $79,000 after acquiring an additional 368 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its stake in Northern Oil and Gas by 0.9% during the 4th quarter. Illinois Municipal Retirement Fund now owns 56,045 shares of the company's stock valued at $2,083,000 after purchasing an additional 487 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company's stock.

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Northern Oil and Gas Stock Performance

NOG traded down $0.24 during midday trading on Tuesday, reaching $30.70. The company had a trading volume of 775,528 shares, compared to its average volume of 1,370,725. Northern Oil and Gas, Inc. has a 12-month low of $26.60 and a 12-month high of $44.31. The business has a 50-day moving average price of $34.13 and a two-hundred day moving average price of $36.96. The stock has a market cap of $3.04 billion, a PE ratio of 5.97 and a beta of 1.84. 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 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 firm had revenue of $545.47 million during the quarter, compared to analysts' expectations of $552.34 million. On average, sell-side analysts expect 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 of Directors has authorized a stock buyback plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.45 per share. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 5.86%. Northern Oil and Gas's dividend payout ratio is presently 35.02%.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O'grady acquired 1,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was bought 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 in the company, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Adam A. Dirlam sold 836 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now directly owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on NOG shares. Morgan Stanley set a $43.00 price objective on Northern Oil and Gas in a research note on Wednesday, January 22nd. Royal Bank of Canada lowered 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. 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. 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. Finally, Truist Financial boosted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Northern Oil and Gas has an average rating of "Hold" and a consensus price target of $46.89.

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.