12th Street Asset Management Company LLC Purchases 7,253 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

12th Street Asset Management Company LLC increased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 1.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 432,191 shares of the company’s stock after acquiring an additional 7,253 shares during the period. Northern Oil and Gas comprises about 2.6% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 18th biggest position. 12th Street Asset Management Company LLC owned about 0.43% of Northern Oil and Gas worth $16,060,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Icon Wealth Advisors LLC bought a new stake in Northern Oil and Gas during the 3rd quarter worth $828,000. Smartleaf Asset Management LLC raised its position in Northern Oil and Gas by 297.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock worth $77,000 after purchasing an additional 1,570 shares during the last quarter. Principal Financial Group Inc. raised its position in Northern Oil and Gas by 2.5% during the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock worth $17,904,000 after purchasing an additional 11,690 shares during the last quarter. State of Alaska Department of Revenue raised its position in Northern Oil and Gas by 36.1% during the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock worth $2,877,000 after purchasing an additional 20,550 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Northern Oil and Gas during the 4th quarter worth $909,000. Institutional investors own 98.80% of the company’s stock.

Analyst Upgrades and Downgrades

NOG has been the subject of several analyst reports. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a research report on Monday, December 16th. Truist Financial upped their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada cut their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 13th. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Finally, Capital One Financial cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. 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, the company currently has a consensus rating of “Hold” and an average price target of $46.89.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $28.33 on Friday. Northern Oil and Gas, Inc. has a 1 year low of $26.59 and a 1 year high of $44.31. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 5.51 and a beta of 1.84. The company has a fifty day moving average price of $35.41 and a 200-day moving average price of $37.41.

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

Northern Oil and Gas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.35%. The ex-dividend date is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio is currently 35.02%.

Northern Oil and Gas declared that its Board of Directors has authorized a share repurchase program on Tuesday, March 11th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the sale, the president now directly owns 96,223 shares in the company, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Nicholas L. O’grady bought 1,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the purchase, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents 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 corporate insiders.

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.