Northern Oil and Gas, Inc. $NOG Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. trimmed its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 24.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 82,397 shares of the company’s stock after selling 26,508 shares during the period. SummitTX Capital L.P.’s holdings in Northern Oil and Gas were worth $2,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of NOG. Ascentis Independent Advisors purchased a new position in Northern Oil and Gas during the 1st quarter worth $33,000. Jones Financial Companies Lllp lifted its stake in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after acquiring an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Northern Oil and Gas in the fourth quarter valued at about $43,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Northern Oil and Gas by 429.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after acquiring an additional 1,228 shares during the period. 98.80% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction dated Monday, June 22nd. The stock was bought at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the transaction, the director owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on NOG shares. Mizuho cut their price target on shares of Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, July 14th. Citigroup lowered their price objective on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Morgan Stanley set a $25.00 target price on Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Monday, June 29th. Wall Street Zen downgraded Northern Oil and Gas from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Johnson Rice cut 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 analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Hold” and an average price target of $30.62.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $19.88 on Wednesday. The firm’s fifty day simple moving average is $20.49 and its 200-day simple moving average is $24.14. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. The stock has a market cap of $2.16 billion, a PE ratio of -3.12 and a beta of 0.69. Northern Oil and Gas, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.71 by $0.03. The firm had revenue of $5.03 million during the quarter, compared to analysts’ expectations of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.33 earnings per share. Analysts expect that Northern Oil and Gas, Inc. will post 3.5 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a yield of 9.1%. Northern Oil and Gas’s dividend payout ratio (DPR) is -28.26%.

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.