Proficio Capital Partners LLC Buys New Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

Proficio Capital Partners LLC purchased a new position in Northern Oil and Gas, Inc. (NYSE:NOG) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 24,469 shares of the company’s stock, valued at approximately $909,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOG. Legacy Investment Solutions LLC purchased a new position in shares of Northern Oil and Gas in the third quarter worth $25,000. Blue Trust Inc. increased its stake in shares of Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the period. Avior Wealth Management LLC increased its stake in shares of Northern Oil and Gas by 23.3% in the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after acquiring an additional 259 shares during the period. Covestor Ltd increased its stake in shares of Northern Oil and Gas by 122.6% in the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after acquiring an additional 1,048 shares during the period. Finally, Quarry LP increased its stake in shares of Northern Oil and Gas by 74.4% in the third quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after acquiring an additional 842 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NOG shares. Royal Bank of Canada cut their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. Piper Sandler cut their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. Citigroup cut their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research report on Monday, December 16th. Finally, Truist Financial boosted their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.89.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $27.53 on Friday. The company’s 50 day simple moving average is $36.12 and its 200-day simple moving average is $37.69. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 5.36 and a beta of 1.84. Northern Oil and Gas, Inc. has a 1 year low of $26.59 and a 1 year high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. As a group, equities research analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a dividend of $0.45 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 6.54%. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

Insider Buying and Selling at Northern Oil and Gas

In other news, Director Bahram Akradi acquired 40,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction 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 completion of the transaction, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.80% of the company’s stock.

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.