abrdn plc Acquires New Shares in Northern Oil and Gas, Inc. (NYSE:NOG)

abrdn plc bought a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 482,808 shares of the company’s stock, valued at approximately $17,096,000. abrdn plc owned about 0.48% of Northern Oil and Gas at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of NOG. Dimensional Fund Advisors LP raised its stake in Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares during the period. American Century Companies Inc. raised its position in shares of Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares during the period. Westfield Capital Management Co. LP lifted its holdings in shares of Northern Oil and Gas by 13.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after purchasing an additional 212,030 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Northern Oil and Gas in the 1st quarter valued at approximately $7,780,000. Finally, Oxbow Advisors LLC bought a new stake in Northern Oil and Gas during the 1st quarter worth approximately $5,652,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price target on the stock. Bank of America upped their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Piper Sandler dropped their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Mizuho began coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective for the company. Finally, Truist Financial decreased their price objective on Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating for the company in a report on Monday, September 30th. One 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Northern Oil and Gas Stock Down 1.2 %

NYSE:NOG opened at $35.81 on Friday. The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of 6.34 and a beta of 1.81. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas, Inc. has a twelve month low of $31.13 and a twelve month high of $43.80. The stock’s 50 day moving average price is $37.24 and its two-hundred day moving average price is $38.71.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.49 earnings per share. Equities research analysts expect that Northern Oil and Gas, Inc. will post 5.4 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, September 27th were paid a $0.42 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, September 27th. This represents a $1.68 annualized dividend and a yield of 4.69%. Northern Oil and Gas’s dividend payout ratio is currently 29.73%.

Insider Activity

In related news, President Adam A. Dirlam sold 2,508 shares of the 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 sale, the president now owns 107,876 shares in the company, valued at approximately $4,153,226. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the sale, the insider now directly owns 105,713 shares in the company, valued at $3,727,440.38. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the transaction, the president now directly owns 107,876 shares in the company, valued at $4,153,226. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,008 shares of company stock valued at $228,013 over the last three months. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Company 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.