Sei Investments Co. Sells 8,197 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Posted by Defense World Staff on Jun 6th, 2023

Sei Investments Co. decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,833 shares of the company’s stock after selling 8,197 shares during the quarter. Sei Investments Co. owned approximately 0.21% of Northern Oil and Gas worth $5,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp lifted its holdings in shares of Northern Oil and Gas by 29.0% during the first quarter. State Street Corp now owns 3,301,013 shares of the company’s stock worth $93,518,000 after buying an additional 742,371 shares during the last quarter. Requisite Capital Management LLC acquired a new stake in shares of Northern Oil and Gas during the 4th quarter worth approximately $17,654,000. Loomis Sayles & Co. L P bought a new stake in shares of Northern Oil and Gas during the first quarter valued at approximately $15,673,000. Macquarie Group Ltd. increased its position in shares of Northern Oil and Gas by 296.1% during the second quarter. Macquarie Group Ltd. now owns 742,364 shares of the company’s stock valued at $18,752,000 after purchasing an additional 554,950 shares during the period. Finally, Allianz Asset Management GmbH acquired a new position in shares of Northern Oil and Gas in the first quarter valued at $13,044,000. 96.41% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $31.07 on Tuesday. The business’s 50-day simple moving average is $31.94 and its 200 day simple moving average is $31.91. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.68. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 2.05 and a beta of 1.97. Northern Oil and Gas, Inc. has a 12-month low of $21.45 and a 12-month high of $39.10.

Northern Oil and Gas (NYSE:NOG – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The company reported $1.76 EPS for the quarter, topping 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 quarter in the previous year, the company earned $1.58 EPS. As a group, research analysts anticipate that Northern Oil and Gas, Inc. will post 8.23 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, June 29th will be paid a $0.37 dividend. 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. This represents a $1.48 annualized dividend and a yield of 4.76%. Northern Oil and Gas’s dividend payout ratio is presently 8.99%.

Analyst Upgrades and Downgrades

NOG has been the topic of several analyst reports. Stifel Nicolaus lowered their price target on shares of Northern Oil and Gas from $43.00 to $42.00 in a report on Tuesday, May 30th. Raymond James raised their price target on shares of Northern Oil and Gas from $47.00 to $52.00 and gave the stock a “strong-buy” rating in a research note on Friday, April 21st. Piper Sandler dropped their target price on Northern Oil and Gas from $50.00 to $47.00 in a report on Thursday, May 18th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Northern Oil and Gas in a research note on Friday, March 17th. Finally, Truist Financial increased their price objective on Northern Oil and Gas from $44.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and an average price target of $46.20.

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.