Ninepoint Partners LP Purchases New Position in Northern Oil and Gas, Inc. $NOG

Ninepoint Partners LP acquired a new position in Northern Oil and Gas, Inc. (NYSE:NOG) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 100,000 shares of the company’s stock, valued at approximately $1,815,000.

A number of other hedge funds have also bought and sold shares of NOG. Kennedy Capital Management LLC raised its stake in shares of Northern Oil and Gas by 17.0% during the 4th quarter. Kennedy Capital Management LLC now owns 884,006 shares of the company’s stock valued at $18,980,000 after purchasing an additional 128,545 shares during the period. Easterly Investment Partners LLC boosted its stake in Northern Oil and Gas by 32.7% in the 4th quarter. Easterly Investment Partners LLC now owns 187,146 shares of the company’s stock worth $4,018,000 after purchasing an additional 46,136 shares during the period. Vanguard Group Inc. grew its holdings in Northern Oil and Gas by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock valued at $233,453,000 after buying an additional 141,499 shares in the last quarter. Collar Capital Management LLC purchased a new position in Northern Oil and Gas during the 4th quarter valued at about $2,877,000. Finally, Hsbc Holdings PLC purchased a new position in Northern Oil and Gas during the 1st quarter valued at about $8,115,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Bahram Akradi purchased 25,760 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.80% of the stock is currently owned by corporate insiders.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $26.85 on Friday. The business’s 50-day moving average price is $20.77 and its two-hundred day moving average price is $24.13. Northern Oil and Gas, Inc. has a twelve month low of $17.18 and a twelve month high of $31.17. The stock has a market cap of $2.86 billion, a P/E ratio of -5.18 and a beta of 0.70. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.05). The business had revenue of $745.24 million for the quarter, compared to analysts’ expectations of $594.09 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.37 EPS. As a group, equities analysts predict that Northern Oil and Gas, Inc. will post 3.6 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 annualized dividend and a yield of 6.7%. Northern Oil and Gas’s payout ratio is presently -34.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NOG shares. Mizuho raised shares of Northern Oil and Gas to a “hold” rating in a report on Friday, July 31st. Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Raymond James Financial reaffirmed an “outperform” rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Citigroup lowered their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Finally, Johnson Rice downgraded shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Northern Oil and Gas has a consensus rating of “Hold” and an average price target of $30.62.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.