ProShare Advisors LLC Trims Stock Position in Northern Oil and Gas, Inc. $NOG

ProShare Advisors LLC cut its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 10.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,739 shares of the company’s stock after selling 2,364 shares during the period. ProShare Advisors LLC’s holdings in Northern Oil and Gas were worth $588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new stake in Northern Oil and Gas in the first quarter valued at $36,288,000. Dimensional Fund Advisors LP increased its position in shares of Northern Oil and Gas by 30.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,298,379 shares of the company’s stock worth $129,939,000 after purchasing an additional 1,001,493 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new stake in Northern Oil and Gas in the 1st quarter valued at about $14,137,000. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 6.4% in the 1st quarter. American Century Companies Inc. now owns 6,953,377 shares of the company’s stock valued at $210,201,000 after buying an additional 415,781 shares during the period. Finally, Jennison Associates LLC lifted its position in Northern Oil and Gas by 80.2% in the second quarter. Jennison Associates LLC now owns 924,629 shares of the company’s stock valued at $26,213,000 after buying an additional 411,457 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Mizuho dropped their price target on shares of Northern Oil and Gas from $32.00 to $28.00 and set a “neutral” rating for the company in a research report on Monday, September 15th. Piper Sandler reissued a “neutral” rating and issued a $25.00 target price (down previously from $31.00) on shares of Northern Oil and Gas in a research report on Monday, August 4th. Citigroup decreased their price target on Northern Oil and Gas from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Wednesday, October 8th. Finally, William Blair began coverage on Northern Oil and Gas in a report on Monday, August 25th. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $33.00.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $22.29 on Wednesday. Northern Oil and Gas, Inc. has a 52 week low of $19.88 and a 52 week high of $44.31. The company has a fifty day simple moving average of $23.44 and a two-hundred day simple moving average of $26.10. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.98. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 3.68 and a beta of 1.48.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Monday, March 6th. The company reported $1.06 earnings per share (EPS) for the quarter. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%.The firm had revenue of $319.19 million during the quarter. As a group, equities analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Tuesday, December 30th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, December 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.1%. Northern Oil and Gas’s payout ratio is currently 101.69%.

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.