583,719 Shares in Northern Oil and Gas, Inc. (NYSE:NOG) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 583,719 shares of the company’s stock, valued at approximately $21,691,000. Raymond James Financial Inc. owned 0.58% of Northern Oil and Gas as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new stake in Northern Oil and Gas during the third quarter worth about $25,000. Blue Trust Inc. grew its position in Northern Oil and Gas by 177.2% in the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after purchasing an additional 801 shares during the last quarter. Avior Wealth Management LLC grew its position in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after purchasing an additional 259 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in Northern Oil and Gas in the 4th quarter worth about $66,000. Finally, Quarry LP grew its position in Northern Oil and Gas by 74.4% in the 3rd quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after purchasing an additional 842 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Trading Up 3.8 %

Shares of NYSE:NOG opened at $29.40 on Friday. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 5.72 and a beta of 1.84. Northern Oil and Gas, Inc. has a 1-year low of $26.60 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. The company has a 50 day moving average price of $35.23 and a 200 day moving average price of $37.32.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal 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 issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.12%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Northern Oil and Gas announced that its Board of Directors has approved a stock buyback plan on Tuesday, March 11th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have commented on NOG. Capital One Financial cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Piper Sandler decreased 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 report on Wednesday, January 29th. Mizuho cut shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a research report on Monday, December 16th. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Finally, Truist Financial increased their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $46.89.

Insider Buying and Selling

In other news, Director Bahram Akradi purchased 40,000 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction that occurred 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 sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by 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.