Ninepoint Partners LP Buys New Shares in Northern Oil and Gas, Inc. (NYSE:NOG)

Ninepoint Partners LP bought a new stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 200,000 shares of the company’s stock, valued at approximately $7,432,000. Northern Oil and Gas makes up approximately 1.1% of Ninepoint Partners LP’s holdings, making the stock its 16th biggest position. Ninepoint Partners LP owned approximately 0.20% of Northern Oil and Gas at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Legacy Investment Solutions LLC purchased a new stake in Northern Oil and Gas in the 3rd quarter worth $25,000. Blue Trust Inc. lifted its stake in Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after purchasing an additional 801 shares in the last quarter. Avior Wealth Management LLC lifted its stake in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Northern Oil and Gas in the 4th quarter worth $66,000. Finally, Quarry LP lifted its stake in Northern Oil and Gas by 74.4% in the 3rd quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after purchasing an additional 842 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now directly owns 96,223 shares of the company’s stock, valued at $3,752,697. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the transaction, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NOG. Truist Financial boosted their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Monday, December 16th. Citigroup reduced their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a report on Wednesday, January 22nd. Finally, Piper Sandler reduced their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.89.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $29.40 on Friday. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 5.72 and a beta of 1.84. Northern Oil and Gas, Inc. has a 12 month low of $26.60 and a 12 month high of $44.31. The firm’s 50-day moving average is $35.23 and its 200 day moving average is $37.32. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The firm had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its Board of Directors has authorized a stock repurchase 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 often a sign that the company’s board believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The business also recently disclosed 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 6.12%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s payout ratio is 35.02%.

About Northern Oil and Gas

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.