Northern Oil and Gas, Inc. (NYSE:NOG) Shares Purchased by Covestor Ltd

Covestor Ltd increased its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 122.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,903 shares of the company’s stock after purchasing an additional 1,048 shares during the period. Covestor Ltd’s holdings in Northern Oil and Gas were worth $67,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Northern Oil and Gas by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after buying an additional 43,940 shares in the last quarter. American Century Companies Inc. grew its stake in Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after buying an additional 552,645 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after purchasing an additional 789,985 shares during the last quarter. Copeland Capital Management LLC grew its holdings in shares of Northern Oil and Gas by 0.6% during the third quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock worth $74,245,000 after buying an additional 12,079 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in Northern Oil and Gas by 13.8% in 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 buying an additional 212,030 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $40.90 on Friday. The firm has a fifty day moving average price of $37.30 and a two-hundred day moving average price of $38.52. Northern Oil and Gas, Inc. has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $4.08 billion, a PE ratio of 4.91 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating 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 business had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. During the same period in the previous year, the business posted $1.73 earnings per share. Northern Oil and Gas’s quarterly revenue was up 140.0% on a year-over-year basis. Analysts expect that Northern Oil and Gas, Inc. will post 5.38 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on NOG. Truist Financial upped their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Jefferies Financial Group began coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price for the company. Piper Sandler cut 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. Finally, Mizuho began coverage on shares of Northern Oil and Gas in a research report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Insider Activity

In other news, President Adam A. Dirlam sold 2,508 shares of the firm’s 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 in the company, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,508 shares of company stock worth $248,113. Company 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.