Northern Oil and Gas, Inc. (NYSE:NOG) Shares Sold by Portolan Capital Management LLC

Portolan Capital Management LLC decreased its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 35.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,034 shares of the company’s stock after selling 110,206 shares during the quarter. Portolan Capital Management LLC owned 0.20% of Northern Oil and Gas worth $7,322,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its holdings in Northern Oil and Gas by 297.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock valued at $77,000 after buying an additional 1,570 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Northern Oil and Gas by 2.5% in the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock worth $17,904,000 after purchasing an additional 11,690 shares during the period. State of Alaska Department of Revenue raised its holdings in Northern Oil and Gas by 36.1% in the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock worth $2,877,000 after purchasing an additional 20,550 shares during the period. Proficio Capital Partners LLC purchased a new position in Northern Oil and Gas during the fourth quarter worth approximately $909,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Northern Oil and Gas by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company’s stock valued at $39,349,000 after purchasing an additional 73,256 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Trading Up 3.7 %

NOG opened at $22.53 on Monday. Northern Oil and Gas, Inc. has a 1-year low of $19.88 and a 1-year high of $44.31. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 4.38 and a beta of 1.49. The company’s 50 day simple moving average is $30.04 and its two-hundred day simple moving average is $35.91.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. The company had revenue of $545.47 million during the quarter, compared to analysts’ expectations of $552.34 million. Analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas announced that its board has initiated a share repurchase plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.99%. This is a positive change 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 payout ratio is presently 35.02%.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi purchased 40,000 shares of the stock in a transaction dated Tuesday, March 4th. The stock was acquired at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the acquisition, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. This trade represents a 2.47 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nicholas L. O’grady acquired 1,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the acquisition, the chief executive officer now owns 226,189 shares in the company, valued at $6,215,673.72. This trade represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

NOG has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Piper Sandler decreased their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Royal Bank of Canada cut their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Bank of America reduced their price target on shares of Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Finally, Capital One Financial cut Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Northern Oil and Gas currently has an average rating of “Hold” and a consensus price target of $45.44.

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.