Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Northern Oil and Gas, Inc. (NYSE:NOG)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 45,096 shares of the company’s stock, valued at approximately $1,676,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC lifted its stake in Northern Oil and Gas by 7.1% in the third quarter. Empowered Funds LLC now owns 62,094 shares of the company’s stock valued at $2,199,000 after buying an additional 4,104 shares during the last quarter. Natixis Advisors LLC increased its holdings in shares of Northern Oil and Gas by 10.0% in the 3rd quarter. Natixis Advisors LLC now owns 90,715 shares of the company’s stock valued at $3,212,000 after acquiring an additional 8,259 shares during the period. Pathstone Holdings LLC raised its position in Northern Oil and Gas by 16.3% in the 3rd quarter. Pathstone Holdings LLC now owns 39,381 shares of the company’s stock valued at $1,396,000 after purchasing an additional 5,524 shares during the last quarter. Jennison Associates LLC boosted its stake in Northern Oil and Gas by 58.6% during the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock worth $18,453,000 after purchasing an additional 192,539 shares during the period. Finally, Intech Investment Management LLC purchased a new position in Northern Oil and Gas during the 3rd quarter worth $951,000. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi bought 40,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on 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 transaction, the president now owns 96,223 shares of the company’s stock, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NOG has been the subject of a number of research reports. Mizuho cut shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a report on Monday, December 16th. Royal Bank of Canada decreased their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 13th. Capital One Financial lowered Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Piper Sandler decreased their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Finally, Citigroup dropped their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $46.89.

Northern Oil and Gas Trading Up 2.6 %

Shares of NOG stock opened at $30.72 on Thursday. The stock has a market cap of $3.04 billion, a P/E ratio of 5.98 and a beta of 1.84. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a fifty-two week low of $26.60 and a fifty-two week high of $44.31. The business has a fifty day simple moving average of $34.69 and a 200-day simple moving average of $37.11.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The business had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. On average, analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas declared that its board has approved a stock buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 5.86%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

Northern Oil and Gas Profile

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.