Edgestream Partners L.P. Acquires 9,177 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Edgestream Partners L.P. boosted its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 7.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,531 shares of the company’s stock after purchasing an additional 9,177 shares during the period. Edgestream Partners L.P.’s holdings in Northern Oil and Gas were worth $4,666,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Northern Oil and Gas by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after acquiring an additional 2,827,642 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after acquiring an additional 789,985 shares during the period. American Century Companies Inc. grew its position in shares of Northern Oil and Gas by 11.0% in the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after acquiring an additional 552,645 shares during the period. Capstone Investment Advisors LLC grew its position in shares of Northern Oil and Gas by 8,679.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock valued at $20,355,000 after acquiring an additional 507,129 shares during the period. Finally, Westfield Capital Management Co. LP grew its position in shares of Northern Oil and Gas by 13.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after acquiring an additional 212,030 shares during the period. Institutional investors own 98.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOG. Bank of America lifted their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Morgan Stanley decreased their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Finally, Piper Sandler reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas has a consensus rating of “Moderate Buy” and a consensus target price of $47.78.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $36.08 on Wednesday. Northern Oil and Gas, Inc. has a twelve month low of $31.13 and a twelve month high of $43.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The company has a 50-day simple moving average of $38.50 and a two-hundred day simple moving average of $39.12. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 5.85 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. During the same quarter in the previous year, the company earned $1.49 EPS. The business’s revenue was up 17.7% on a year-over-year basis. Analysts forecast that Northern Oil and Gas, Inc. will post 5.41 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 4.66%. Northern Oil and Gas’s payout ratio is presently 27.23%.

Insider Activity

In other news, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the transaction, the president now directly owns 107,628 shares in the company, valued at approximately $4,076,948.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the transaction, the president now owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

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.