Convergence Investment Partners LLC Invests $1.27 Million in Northern Oil and Gas, Inc. (NYSE:NOG)

Convergence Investment Partners LLC bought a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 34,136 shares of the company’s stock, valued at approximately $1,268,000.

Several other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC increased its stake in Northern Oil and Gas by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock worth $80,884,000 after purchasing an additional 100,761 shares in the last quarter. Copeland Capital Management LLC boosted its holdings in shares of Northern Oil and Gas by 0.9% in the fourth quarter. Copeland Capital Management LLC now owns 2,114,909 shares of the company’s stock worth $78,590,000 after buying an additional 18,195 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Northern Oil and Gas by 1.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,381,285 shares of the company’s stock worth $52,102,000 after acquiring an additional 21,754 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Northern Oil and Gas by 13.9% during the fourth quarter. New York State Common Retirement Fund now owns 1,071,966 shares of the company’s stock valued at $39,834,000 after acquiring an additional 130,979 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Northern Oil and Gas by 11.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock valued at $34,902,000 after acquiring an additional 103,314 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NOG has been the topic of several research analyst reports. Piper Sandler lowered 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 research report on Wednesday, January 29th. Truist Financial lifted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Royal Bank of Canada reduced their price objective on 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. Finally, Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $47.00.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $35.36 on Thursday. Northern Oil and Gas, Inc. has a fifty-two week low of $33.17 and a fifty-two week high of $44.31. The stock’s 50-day moving average is $37.74 and its two-hundred day moving average is $38.32. 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 firm has a market cap of $3.53 billion, a P/E ratio of 4.25 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Analysts predict that Northern Oil and Gas, Inc. will post 5.27 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a yield of 5.09%. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.80% of the company’s stock.

Northern Oil and Gas 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.