Seven Eight Capital LP Takes Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Seven Eight Capital LP purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,961 shares of the company’s stock, valued at approximately $276,000.

Other large investors have also bought and sold shares of the company. Edgestream Partners L.P. acquired a new stake in shares of Northern Oil and Gas in the 1st quarter valued at approximately $4,617,000. Vanguard Group Inc. increased its holdings 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 worth $421,857,000 after acquiring an additional 43,940 shares in the last quarter. Westfield Capital Management Co. LP raised its position in shares of Northern Oil and Gas by 13.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock worth $69,430,000 after purchasing an additional 212,030 shares during the period. Midwest Professional Planners LTD. bought a new position in shares of Northern Oil and Gas during the 1st quarter valued at about $974,000. Finally, SageView Advisory Group LLC acquired a new position in shares of Northern Oil and Gas in the 1st quarter valued at approximately $357,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

NYSE NOG opened at $38.00 on Thursday. The company has a market cap of $3.84 billion, a PE ratio of 6.19 and a beta of 1.79. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.96 and a current ratio of 0.96. Northern Oil and Gas, Inc. has a 52-week low of $31.13 and a 52-week high of $43.75. The firm’s 50 day moving average price is $38.91 and its 200-day moving average price is $38.03.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.10. The company had revenue of $396.35 million for the quarter, compared to analyst estimates of $505.67 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The firm’s quarterly revenue was down 31.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.76 EPS. Sell-side analysts forecast that Northern Oil and Gas, Inc. will post 5.04 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio (DPR) is 25.93%.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.86, for a total transaction of $56,877.12. Following the completion of the transaction, the president now owns 109,020 shares of the company’s stock, valued at $4,454,557.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction on Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $40.86, for a total transaction of $56,877.12. Following the completion of the transaction, the president now owns 109,020 shares of the company’s stock, valued at approximately $4,454,557.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,534 shares of company stock worth $252,144. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Truist Financial lowered their price objective on shares of Northern Oil and Gas from $57.00 to $54.00 and set a “buy” rating on the stock in a report on Monday. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, July 3rd. Piper Sandler boosted their target price on shares of Northern Oil and Gas from $42.00 to $43.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Citigroup lowered their target price on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Finally, StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.80.

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.