Northern Oil and Gas, Inc. (NYSE:NOG) Shares Bought by First Trust Advisors LP

Posted by on May 24th, 2023

First Trust Advisors LP increased its position in Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) by 0.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 419,898 shares of the company’s stock after purchasing an additional 3,622 shares during the period. First Trust Advisors LP owned 0.54% of Northern Oil and Gas worth $12,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NOG. Bank of New York Mellon Corp raised its holdings in shares of Northern Oil and Gas by 7.2% during the first quarter. Bank of New York Mellon Corp now owns 434,031 shares of the company’s stock valued at $12,236,000 after buying an additional 29,141 shares during the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Northern Oil and Gas in the 1st quarter valued at $200,000. Cetera Advisor Networks LLC increased its holdings in shares of Northern Oil and Gas by 40.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 17,783 shares of the company’s stock worth $501,000 after purchasing an additional 5,121 shares during the period. Private Advisor Group LLC bought a new position in shares of Northern Oil and Gas during the 1st quarter worth about $207,000. Finally, Citigroup Inc. increased its holdings in shares of Northern Oil and Gas by 32.9% during the 1st quarter. Citigroup Inc. now owns 88,939 shares of the company’s stock worth $2,507,000 after purchasing an additional 22,033 shares during the period. 96.41% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $31.59 on Wednesday. The firm has a 50-day moving average of $31.31 and a 200-day moving average of $32.30. Northern Oil and Gas, Inc. has a one year low of $21.45 and a one year high of $39.10. The company has a market cap of $2.70 billion, a PE ratio of 2.09 and a beta of 2.02. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.15 and a quick ratio of 1.15.

Northern Oil and Gas (NYSE:NOG – Get Rating) last issued its earnings results on Thursday, May 4th. The company reported $1.76 EPS for the quarter, beating the consensus estimate of $1.54 by $0.22. The company had revenue of $582.21 million during the quarter, compared to analysts’ expectations of $395.37 million. Northern Oil and Gas had a net margin of 60.39% and a return on equity of 86.66%. During the same period in the previous year, the company earned $1.58 EPS. As a group, equities analysts forecast that Northern Oil and Gas, Inc. will post 7.91 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, June 29th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.69%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.34. The ex-dividend date is Wednesday, June 28th. Northern Oil and Gas’s payout ratio is presently 8.99%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Northern Oil and Gas from $44.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Raymond James increased their target price on shares of Northern Oil and Gas from $47.00 to $52.00 and gave the stock a “strong-buy” rating in a report on Friday, April 21st. StockNews.com assumed coverage on shares of Northern Oil and Gas in a report on Thursday, May 18th. They set a “sell” rating on the stock. Stifel Nicolaus raised their price objective on shares of Northern Oil and Gas from $40.00 to $43.00 in a report on Thursday, April 27th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a report on Friday, March 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and a consensus price target of $46.30.

Northern Oil and Gas Company 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.

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Institutional Ownership by Quarter for Northern Oil and Gas (NYSE:NOG)

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