Sit Investment Associates Inc. Sells 13,550 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Sit Investment Associates Inc. reduced its position in Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) by 7.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 171,100 shares of the company's stock after selling 13,550 shares during the period. Sit Investment Associates Inc. owned about 0.17% of Northern Oil and Gas worth $6,358,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in Northern Oil and Gas in the fourth quarter valued at approximately $1,235,000. Motley Fool Asset Management LLC increased its position in Northern Oil and Gas by 10.4% during the fourth quarter. Motley Fool Asset Management LLC now owns 70,538 shares of the company's stock worth $2,621,000 after buying an additional 6,650 shares during the last quarter. Bryce Point Capital LLC bought a new position in Northern Oil and Gas during the fourth quarter valued at about $2,307,000. Headlands Technologies LLC acquired a new stake in shares of Northern Oil and Gas in the fourth quarter worth about $29,000. Finally, Brandywine Global Investment Management LLC boosted its stake in shares of Northern Oil and Gas by 3.3% during the 4th quarter. Brandywine Global Investment Management LLC now owns 338,861 shares of the company's stock worth $12,592,000 after acquiring an additional 10,961 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Up 0.6 %

NYSE:NOG traded up $0.13 on Friday, hitting $21.85. 655,389 shares of the stock were exchanged, compared to its average volume of 1,473,552. The stock has a market capitalization of $2.17 billion, a price-to-earnings ratio of 4.24 and a beta of 1.49. 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, Inc. has a 52 week low of $19.88 and a 52 week high of $44.31. The company's 50-day moving average price is $30.32 and its 200 day moving average price is $36.00.

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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 analysts' consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. On average, equities 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 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 buy up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a $0.45 dividend. This is a positive change from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 8.24%. Northern Oil and Gas's dividend payout ratio is presently 35.02%.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi bought 40,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, with a total value 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. The trade was a 2.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Nicholas L. O'grady purchased 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired 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 represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NOG. 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 on the stock in a report on Thursday, February 13th. Morgan Stanley dropped their target price 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. 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. Bank of America cut 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. Finally, Mizuho lowered Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price objective on the stock. in a report on Monday, December 16th. One 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's stock. Based on data from MarketBeat.com, Northern Oil and Gas presently has an average rating of "Hold" and a consensus price target of $45.44.

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.