Raymond James Financial Inc. Makes New $21.69 Million Investment in Northern Oil and Gas, Inc. (NYSE:NOG)

Raymond James Financial Inc. bought a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 583,719 shares of the company's stock, valued at approximately $21,691,000. Raymond James Financial Inc. owned about 0.58% of Northern Oil and Gas at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of NOG. Headlands Technologies LLC bought a new stake in shares of Northern Oil and Gas during the 4th quarter valued at about $29,000. Blue Trust Inc. boosted its stake in Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company's stock valued at $44,000 after acquiring an additional 801 shares during the period. Avior Wealth Management LLC grew its holdings in shares of 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 valued at $51,000 after purchasing an additional 259 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Northern Oil and Gas during the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Northern Oil and Gas by 297.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock worth $77,000 after purchasing an additional 1,570 shares during the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NOG has been the topic of several analyst reports. Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. Morgan Stanley dropped their price objective on shares of Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. Bank of America reduced their target price 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. Citigroup dropped their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Finally, Royal Bank of Canada decreased their price objective on Northern Oil and Gas from $40.00 to $34.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $44.78.

Insider Transactions at Northern Oil and Gas

In other news, CEO Nicholas L. O'grady purchased 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the transaction, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bahram Akradi bought 40,000 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the purchase, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company's stock.

Northern Oil and Gas Stock Up 5.7 %

Shares of NOG stock opened at $24.25 on Friday. 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 stock has a market cap of $2.40 billion, a PE ratio of 4.72 and a beta of 1.49. The business's fifty day moving average is $28.78 and its 200-day moving average is $35.48. 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 posted its quarterly earnings data 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 net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.42%. The ex-dividend date of this dividend is Friday, March 28th. 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 35.02%.

Northern Oil and Gas declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 11th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

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.

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