MetLife Investment Management LLC Acquires 837 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Posted by Defense World Staff on Mar 2nd, 2023

MetLife Investment Management LLC raised its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,451 shares of the company’s stock after acquiring an additional 837 shares during the quarter. MetLife Investment Management LLC’s holdings in Northern Oil and Gas were worth $944,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nisa Investment Advisors LLC raised its holdings in Northern Oil and Gas by 42.3% during the third quarter. Nisa Investment Advisors LLC now owns 996 shares of the company’s stock valued at $34,000 after acquiring an additional 296 shares during the period. USA Financial Portformulas Corp bought a new stake in Northern Oil and Gas during the third quarter valued at about $30,000. CWM LLC grew its position in shares of Northern Oil and Gas by 46.3% during the third quarter. CWM LLC now owns 1,132 shares of the company’s stock valued at $31,000 after purchasing an additional 358 shares in the last quarter. Captrust Financial Advisors grew its position in shares of Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after purchasing an additional 1,066 shares in the last quarter. Finally, Byrne Asset Management LLC grew its position in shares of Northern Oil and Gas by 97.0% during the third quarter. Byrne Asset Management LLC now owns 1,773 shares of the company’s stock valued at $49,000 after purchasing an additional 873 shares in the last quarter. 96.41% of the stock is owned by institutional investors.

Northern Oil and Gas Stock Up 3.6 %

Shares of NYSE:NOG opened at $32.16 on Thursday. Northern Oil and Gas, Inc. has a 1 year low of $21.45 and a 1 year high of $39.10. The business has a 50 day simple moving average of $31.85 and a two-hundred day simple moving average of $32.31. The firm has a market capitalization of $2.74 billion, a PE ratio of 3.91, a price-to-earnings-growth ratio of 1.27 and a beta of 2.00. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.93 and a quick ratio of 0.99.

Northern Oil and Gas (NYSE:NOG – Get Rating) last announced its earnings results on Friday, February 24th. The company reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.22). The business had revenue of $445.65 million during the quarter, compared to analyst estimates of $408.08 million. During the same period in the previous year, the business earned $1.06 EPS. Northern Oil and Gas’s revenue for the quarter was up 34.1% on a year-over-year basis. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 9.46 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Thursday, March 30th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend is Wednesday, March 29th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.30. Northern Oil and Gas’s payout ratio is currently 14.60%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Raymond James cut their price objective on Northern Oil and Gas from $55.00 to $50.00 and set a “strong-buy” rating for the company in a research report on Tuesday, February 7th. Citigroup raised their price objective on Northern Oil and Gas from $36.00 to $46.00 in a research report on Friday, November 25th. Northland Securities raised their price objective on Northern Oil and Gas from $50.00 to $60.00 in a research report on Monday, November 14th. Bank of America upgraded Northern Oil and Gas from a “neutral” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Friday, January 6th. Finally, Royal Bank of Canada lifted their price target on Northern Oil and Gas from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Monday, November 14th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and an average target price of $46.50.

Northern Oil and Gas Profile

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Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.