The Manufacturers Life Insurance Company Decreases Stake in Northern Oil and Gas, Inc. (NYSE:NOG)

The Manufacturers Life Insurance Company reduced its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 4.0% during the third quarter, HoldingsChannel reports. The firm owned 54,052 shares of the company’s stock after selling 2,236 shares during the period. The Manufacturers Life Insurance Company’s holdings in Northern Oil and Gas were worth $1,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Signaturefd LLC lifted its position in Northern Oil and Gas by 100.5% during the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after purchasing an additional 427 shares during the period. Quarry LP raised its stake in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after buying an additional 874 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Northern Oil and Gas by 58.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,752 shares of the company’s stock valued at $62,000 after buying an additional 647 shares during the period. Covestor Ltd boosted its stake in shares of Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after buying an additional 1,048 shares during the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of 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 during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NOG has been the subject of a number of recent research reports. Piper Sandler boosted their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, November 18th. Mizuho started coverage on shares of Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 target price for the company. Truist Financial increased their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $43.00 to $45.00 in a research report on Wednesday, November 20th. Finally, Morgan Stanley decreased their target price on 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Northern Oil and Gas Trading Up 1.5 %

Shares of NYSE:NOG opened at $40.85 on Tuesday. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. Northern Oil and Gas, Inc. has a 12-month low of $31.13 and a 12-month high of $44.31. The business has a 50 day moving average of $39.69 and a two-hundred day moving average of $38.73. The company has a market capitalization of $4.08 billion, a PE ratio of 4.90 and a beta of 1.85.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The company had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the prior year, the business posted $1.73 earnings per share. Northern Oil and Gas’s revenue for the quarter was up 140.0% on a year-over-year basis. As a group, analysts forecast that Northern Oil and Gas, Inc. will post 5.4 EPS for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, December 30th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is 20.17%.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 83,792 shares in the company, valued at $3,351,680. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,508 shares of company stock valued at $248,113. Corporate insiders own 2.80% of the company’s stock.

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.