Envestnet Asset Management Inc. Makes New Investment in Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG)

Envestnet Asset Management Inc. acquired a new stake in shares of Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 161,394 shares of the energy company’s stock, valued at approximately $3,352,000. Envestnet Asset Management Inc. owned about 0.27% of Northern Oil and Gas as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HN Saltoro Capital LP purchased a new position in shares of Northern Oil and Gas during the first quarter valued at approximately $66,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Northern Oil and Gas during the second quarter valued at approximately $131,000. Royal Bank of Canada grew its position in Northern Oil and Gas by 788.2% during the first quarter. Royal Bank of Canada now owns 9,077 shares of the energy company’s stock valued at $110,000 after buying an additional 8,055 shares during the period. Mount Yale Investment Advisors LLC bought a new stake in Northern Oil and Gas during the second quarter valued at approximately $216,000. Finally, Jane Street Group LLC bought a new stake in Northern Oil and Gas during the first quarter valued at approximately $137,000. 64.26% of the stock is owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on NOG. Bank of America began coverage on shares of Northern Oil and Gas in a research report on Monday, June 21st. They set a “buy” rating for the company. Roth Capital cut their target price on shares of Northern Oil and Gas from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Tuesday, July 20th. Zacks Investment Research upgraded shares of Northern Oil and Gas from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research report on Saturday, August 7th. Wells Fargo & Company cut their target price on shares of Northern Oil and Gas from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Monday, August 23rd. Finally, Piper Sandler upgraded shares of Northern Oil and Gas from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $22.00 to $23.00 in a research report on Thursday, July 22nd. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $19.89.

Shares of NYSEAMERICAN:NOG opened at $17.67 on Wednesday. The stock’s fifty day moving average is $8.60. Northern Oil and Gas, Inc. has a fifty-two week low of $3.35 and a fifty-two week high of $21.64. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of -1.48, a price-to-earnings-growth ratio of 0.18 and a beta of 2.76.

Northern Oil and Gas (NYSEAMERICAN:NOG) last released its quarterly earnings results on Wednesday, August 4th. The energy company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.23. The company had revenue of $225.72 million for the quarter, compared to the consensus estimate of $182.16 million. Northern Oil and Gas had a negative net margin of 387.23% and a negative return on equity of 102.70%. On average, analysts anticipate that Northern Oil and Gas, Inc. will post 3.11 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 29th. Investors of record on Thursday, September 30th will be paid a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend is Wednesday, September 29th. Northern Oil and Gas’s payout ratio is 6.59%.

About Northern Oil and Gas

Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.

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Institutional Ownership by Quarter for Northern Oil and Gas (NYSEAMERICAN:NOG)

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