Envestnet Asset Management Inc. Sells 617 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Envestnet Asset Management Inc. decreased its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 391,930 shares of the company’s stock after selling 617 shares during the period. Envestnet Asset Management Inc. owned approximately 0.39% of Northern Oil and Gas worth $14,568,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NOG. Dimensional Fund Advisors LP boosted its stake in Northern Oil and Gas by 30.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,375,710 shares of the company’s stock worth $51,001,000 after purchasing an additional 324,958 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Northern Oil and Gas by 27.5% during the fourth quarter. Assetmark Inc. now owns 3,902 shares of the company’s stock valued at $145,000 after purchasing an additional 841 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Northern Oil and Gas by 11.5% during the fourth quarter. Franklin Resources Inc. now owns 25,898 shares of the company’s stock valued at $960,000 after purchasing an additional 2,680 shares during the last quarter. US Bancorp DE raised its holdings in shares of Northern Oil and Gas by 37.2% during the fourth quarter. US Bancorp DE now owns 18,741 shares of the company’s stock valued at $695,000 after purchasing an additional 5,080 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Northern Oil and Gas by 4.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 549,564 shares of the company’s stock valued at $20,372,000 after purchasing an additional 21,988 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Stock Performance

NOG opened at $37.40 on Wednesday. The firm has a market cap of $3.78 billion, a P/E ratio of 6.06 and a beta of 1.81. Northern Oil and Gas, Inc. has a 1-year low of $31.13 and a 1-year high of $43.80. The company has a 50 day simple moving average of $38.22 and a two-hundred day simple moving average of $39.16. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. The business had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company’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 earnings per share. Equities analysts forecast 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. Investors of record on Friday, September 27th will be given a dividend of $0.42 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.49%. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction 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 in the company, valued at $4,076,948.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction 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 in the company, valued at $4,076,948.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 1st. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a 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 report on Monday, September 16th. Piper Sandler decreased their price objective 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. Finally, Mizuho initiated coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas has a consensus 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.