AXQ Capital LP Takes Position in Northern Oil and Gas, Inc. (NYSE:NOG)

AXQ Capital LP bought a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,685 shares of the company’s stock, valued at approximately $286,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new stake in shares of Northern Oil and Gas in the third quarter valued at about $25,000. Blue Trust Inc. increased its holdings in Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after buying an additional 801 shares during the last quarter. Avior Wealth Management LLC increased its holdings in Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after buying an additional 259 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Northern Oil and Gas during the fourth quarter worth about $66,000. Finally, Quarry LP increased its holdings in Northern Oil and Gas by 74.4% during the third quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after buying an additional 842 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NOG shares. Truist Financial raised their price objective 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 price objective for the company. in a report on Monday, December 16th. Piper Sandler decreased their price objective on shares of 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. Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, January 22nd. Finally, Citigroup reduced their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.89.

Northern Oil and Gas Price Performance

NOG stock opened at $30.02 on Monday. The firm has a 50 day moving average of $34.33 and a 200-day moving average of $36.99. 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, Inc. has a 12 month low of $26.60 and a 12 month high of $44.31. The firm has a market capitalization of $2.98 billion, a P/E ratio of 5.84 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. As a group, sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a $0.45 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio (DPR) is 35.02%.

Northern Oil and Gas announced that its Board of Directors has authorized a share buyback program 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 programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now directly owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O’grady bought 1,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares of the company’s stock, valued at $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

Northern Oil and Gas Company 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.