583,719 Shares in Northern Oil and Gas, Inc. (NYSE:NOG) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) during the 4th quarter, HoldingsChannel reports. The firm acquired 583,719 shares of the company’s stock, valued at approximately $21,691,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOG. Vanguard Group Inc. increased its stake in shares of Northern Oil and Gas by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock worth $418,916,000 after acquiring an additional 166,501 shares during the last quarter. American Century Companies Inc. increased its position in Northern Oil and Gas by 3.9% in the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock worth $242,937,000 after purchasing an additional 243,531 shares during the last quarter. Geode Capital Management LLC increased its position in Northern Oil and Gas by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after purchasing an additional 100,761 shares during the last quarter. Copeland Capital Management LLC raised its stake in shares of Northern Oil and Gas by 0.9% during the 4th quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after purchasing an additional 18,195 shares in the last quarter. Finally, Channing Capital Management LLC lifted its holdings in shares of Northern Oil and Gas by 26.8% during the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after buying an additional 373,917 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Analyst Upgrades and Downgrades

NOG has been the topic of several recent research reports. Piper Sandler cut their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley reduced their price objective on shares of Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Royal Bank of Canada lowered their target price on shares of Northern Oil and Gas from $40.00 to $34.00 and set a “sector perform” rating on the stock in a research report on Monday, April 14th. Truist Financial boosted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $44.78.

Northern Oil and Gas Price Performance

NYSE NOG opened at $24.25 on Friday. The stock has a market capitalization of $2.40 billion, a PE ratio of 4.72 and a beta of 1.49. The stock has a 50-day simple moving average of $28.78 and a 200 day simple moving average of $35.48. 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 twelve month low of $19.88 and a twelve month high of $44.31.

Northern Oil and Gas (NYSE:NOG) 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 during the quarter, compared to the consensus estimate of $552.34 million. Research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.42%. 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. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 35.02%.

Northern Oil and Gas declared that its board has initiated a stock buyback program on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi purchased 40,000 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the purchase, the director now directly owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nicholas L. O’grady acquired 1,000 shares of the company’s stock in a transaction dated 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 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 disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

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.