State of New Jersey Common Pension Fund D Lowers Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

State of New Jersey Common Pension Fund D reduced its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 35.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,704 shares of the company’s stock after selling 28,691 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.05% of Northern Oil and Gas worth $1,922,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in Northern Oil and Gas by 1.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after acquiring an additional 320 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the period. Arizona State Retirement System increased its position in Northern Oil and Gas by 2.2% during the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock worth $945,000 after purchasing an additional 555 shares in the last quarter. Insight Wealth Strategies LLC raised its holdings in Northern Oil and Gas by 2.7% in the second quarter. Insight Wealth Strategies LLC now owns 27,197 shares of the company’s stock valued at $1,011,000 after buying an additional 717 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in Northern Oil and Gas by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 46,000 shares of the company’s stock valued at $1,710,000 after buying an additional 800 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $37.11 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas, Inc. has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The business has a 50 day moving average price of $38.37 and a two-hundred day moving average price of $39.12. The firm has a market cap of $3.75 billion, a PE ratio of 6.01 and a beta of 1.81.

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

Northern Oil and Gas Increases Dividend

The business 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 represents a $1.68 annualized dividend and a dividend yield of 4.53%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s payout ratio is presently 27.23%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NOG. Bank of America boosted their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Piper Sandler reduced their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Finally, Truist Financial raised their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.70.

Northern Oil and Gas Profile

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.