New York State Teachers Retirement System Acquires 6,713 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Posted by Defense World Staff on Oct 25th, 2023

New York State Teachers Retirement System increased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 24.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,886 shares of the company’s stock after purchasing an additional 6,713 shares during the period. New York State Teachers Retirement System’s holdings in Northern Oil and Gas were worth $1,163,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Northern Oil and Gas by 5.9% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 25,200 shares of the company’s stock worth $865,000 after purchasing an additional 1,400 shares during the period. Peregrine Capital Management LLC boosted its position in Northern Oil and Gas by 5.4% in the 2nd quarter. Peregrine Capital Management LLC now owns 308,034 shares of the company’s stock valued at $10,572,000 after buying an additional 15,872 shares during the period. National Bank of Canada FI purchased a new stake in Northern Oil and Gas in the 2nd quarter valued at about $1,029,000. Fifth Third Bancorp boosted its position in Northern Oil and Gas by 24.7% in the 2nd quarter. Fifth Third Bancorp now owns 1,490 shares of the company’s stock valued at $51,000 after buying an additional 295 shares during the period. Finally, Raymond James & Associates boosted its position in Northern Oil and Gas by 8.9% in the 2nd quarter. Raymond James & Associates now owns 574,290 shares of the company’s stock valued at $19,710,000 after buying an additional 47,072 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOG has been the subject of several research reports. Jefferies Financial Group upped their price target on shares of Northern Oil and Gas from $41.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, August 7th. Northland Securities upped their price target on shares of Northern Oil and Gas from $48.00 to $54.00 and gave the stock an “outperform” rating in a research report on Monday, August 21st. Piper Sandler cut shares of Northern Oil and Gas from an “overweight” rating to a “neutral” rating and set a $46.00 price target for the company. in a research report on Monday, August 14th. TheStreet raised shares of Northern Oil and Gas from a “c+” rating to a “b-” rating in a research report on Friday, June 30th. Finally, Citigroup upped their price target on shares of Northern Oil and Gas from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.33.

Get Our Latest Analysis on NOG

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $39.06, for a total transaction of $878,850.00. Following the transaction, the chief executive officer now owns 177,255 shares in the company, valued at approximately $6,923,580.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Chad W. Allen sold 7,560 shares of the stock in a transaction on Monday, October 16th. The shares were sold at an average price of $40.53, for a total value of $306,406.80. Following the sale, the chief financial officer now owns 41,537 shares in the company, valued at $1,683,494.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 22,500 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $39.06, for a total transaction of $878,850.00. Following the completion of the sale, the chief executive officer now owns 177,255 shares in the company, valued at approximately $6,923,580.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 190,215 shares of company stock worth $7,812,929. 3.60% of the stock is owned by corporate insiders.

Northern Oil and Gas Trading Down 1.4 %

NYSE NOG opened at $38.43 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 1.18. The firm has a market cap of $3.57 billion, a PE ratio of 2.69 and a beta of 1.97. The company has a 50 day moving average price of $40.43 and a 200 day moving average price of $36.45. Northern Oil and Gas, Inc. has a 52 week low of $25.56 and a 52 week high of $43.64.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.14. Northern Oil and Gas had a net margin of 55.68% and a return on equity of 57.03%. The business had revenue of $476.60 million for the quarter, compared to analyst estimates of $414.01 million. During the same quarter in the prior year, the business posted $1.72 EPS. Northern Oil and Gas’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Northern Oil and Gas, Inc. will post 7.29 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Thursday, September 28th will be paid a dividend of $0.38 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Wednesday, September 27th. This represents a $1.52 dividend on an annualized basis and a yield of 3.96%. Northern Oil and Gas’s dividend payout ratio is presently 10.66%.

Northern Oil and Gas Company Profile

(Free Report)

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.