Seven Eight Capital LP Raises Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Seven Eight Capital LP increased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 261.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,143 shares of the company’s stock after acquiring an additional 18,182 shares during the quarter. Seven Eight Capital LP’s holdings in Northern Oil and Gas were worth $935,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of NOG. GAMMA Investing LLC increased its position in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares in the last quarter. Principal Securities Inc. acquired a new position in Northern Oil and Gas during the 4th quarter valued at about $42,000. TFO Wealth Partners LLC increased its position in Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after buying an additional 1,121 shares in the last quarter. Quadrant Capital Group LLC raised its stake in Northern Oil and Gas by 74.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock valued at $81,000 after buying an additional 930 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Northern Oil and Gas by 88.2% in the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock worth $82,000 after acquiring an additional 1,033 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $37.11 on Friday. Northern Oil and Gas, Inc. has a 52-week low of $31.13 and a 52-week high of $43.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The stock has a market cap of $3.75 billion, a PE ratio of 6.01 and a beta of 1.81. The business has a 50-day simple moving average of $38.37 and a 200-day simple moving average of $39.09.

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

Northern Oil and Gas Increases Dividend

The company also recently declared 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 represents a $1.68 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 27.23%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NOG shares. StockNews.com lowered shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Piper Sandler decreased their price target 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. Morgan Stanley dropped their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Mizuho assumed coverage on Northern Oil and Gas in a research note on Thursday. They issued an “outperform” rating and a $47.00 target price for the company. Finally, Bank of America boosted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.70.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 1,392 shares of the 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 sale, the president now directly owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas 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 sale, the president now directly owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

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.