Comerica Bank Lowers Holdings in Northern Oil and Gas, Inc. $NOG

Comerica Bank cut its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 73.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,629 shares of the company’s stock after selling 116,834 shares during the quarter. Comerica Bank’s holdings in Northern Oil and Gas were worth $915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. First Horizon Corp purchased a new stake in Northern Oil and Gas in the 3rd quarter worth approximately $27,000. Jones Financial Companies Lllp lifted its stake in 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 purchasing an additional 713 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Northern Oil and Gas by 85.7% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after purchasing an additional 702 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Northern Oil and Gas in the 1st quarter worth approximately $88,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock opened at $23.45 on Monday. The firm’s fifty day moving average price is $27.55 and its 200-day moving average price is $24.59. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a market cap of $2.48 billion, a P/E ratio of -3.68 and a beta of 0.75. Northern Oil and Gas, Inc. has a fifty-two week low of $20.18 and a fifty-two week high of $32.62.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. The firm had revenue of $5.03 million for 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 quarterly revenue was down 6.2% on a year-over-year basis. During the same quarter last year, the company posted $1.33 EPS. On average, equities research analysts expect that Northern Oil and Gas, Inc. will post 3.23 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Monday, March 30th were given a dividend of $0.45 per share. The ex-dividend date was Monday, March 30th. This represents a $1.80 annualized dividend and a dividend yield of 7.7%. Northern Oil and Gas’s dividend payout ratio (DPR) is -28.26%.

Wall Street Analyst Weigh In

NOG has been the topic of several recent analyst reports. Piper Sandler increased their target price on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Morgan Stanley reiterated an “underweight” rating on shares of Northern Oil and Gas in a research note on Friday, March 27th. Royal Bank Of Canada increased their target price on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Weiss Ratings cut shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Finally, Bank of America raised their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $32.00.

About Northern Oil and Gas

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.