Quantbot Technologies LP Acquires 84,392 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Quantbot Technologies LP boosted its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 187.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 129,504 shares of the company’s stock after purchasing an additional 84,392 shares during the period. Quantbot Technologies LP owned about 0.13% of Northern Oil and Gas worth $4,812,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOG. Geode Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 4.6% during the third quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after buying an additional 100,761 shares in the last quarter. Copeland Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 0.9% during the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after buying an additional 18,195 shares in the last quarter. Channing Capital Management LLC increased its holdings in shares of Northern Oil and Gas by 26.8% during the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after buying an additional 373,917 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Northern Oil and Gas by 1.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,381,285 shares of the company’s stock worth $52,102,000 after buying an additional 21,754 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in shares of Northern Oil and Gas by 13.9% during the fourth quarter. New York State Common Retirement Fund now owns 1,071,966 shares of the company’s stock worth $39,834,000 after buying an additional 130,979 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $30.02 on Friday. Northern Oil and Gas, Inc. has a fifty-two week low of $26.60 and a fifty-two week high of $44.31. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 5.84 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. The firm’s 50-day simple moving average is $34.33 and its 200 day simple moving average is $37.00.

Northern Oil and Gas (NYSE:NOG) last announced 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 net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. As a group, research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas announced that its Board of Directors has initiated 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 buy up to 3.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be given a $0.45 dividend. This is a boost 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 6.00%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Insider Activity at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NOG shares. Citigroup decreased their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Piper Sandler decreased their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Morgan Stanley set a $43.00 price objective on Northern Oil and Gas in a report on Wednesday, January 22nd. Finally, Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. One 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. According to data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Hold” and an average target price of $46.89.

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.