Illinois Municipal Retirement Fund Boosts Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

Illinois Municipal Retirement Fund increased its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 0.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,045 shares of the company’s stock after acquiring an additional 487 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Northern Oil and Gas were worth $2,083,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NOG. abrdn plc acquired a new position in shares of Northern Oil and Gas during the 3rd quarter worth approximately $17,096,000. Bridgewater Associates LP boosted its stake in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after buying an additional 294,223 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Northern Oil and Gas by 41.4% in the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after buying an additional 275,704 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Northern Oil and Gas by 58.6% in the 3rd quarter. Jennison Associates LLC now owns 521,115 shares of the company’s stock worth $18,453,000 after acquiring an additional 192,539 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock worth $34,902,000 after acquiring an additional 103,314 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on NOG. Mizuho lowered 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. Truist Financial boosted their target price on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a report on Wednesday, January 22nd. Citigroup decreased their price objective on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Piper Sandler lowered their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $46.89.

Insider Activity

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the 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 sale, the president now directly owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Stock Down 1.4 %

NYSE:NOG opened at $31.47 on Friday. Northern Oil and Gas, Inc. has a 52 week low of $31.16 and a 52 week high of $44.31. The stock’s fifty day moving average is $36.96 and its two-hundred day moving average is $38.08. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 6.12 and a beta of 1.82. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data 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 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 analysts’ expectations of $552.34 million. Research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The firm 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 annualized dividend and a dividend yield of 5.72%. The ex-dividend date of this dividend 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%.

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.