Phocas Financial Corp. Reduces Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Phocas Financial Corp. cut its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,855 shares of the company’s stock after selling 1,061 shares during the period. Phocas Financial Corp. owned approximately 0.19% of Northern Oil and Gas worth $5,658,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of NOG. Bank of New York Mellon Corp boosted its position in shares of Northern Oil and Gas by 7.2% during the first quarter. Bank of New York Mellon Corp now owns 434,031 shares of the company’s stock valued at $12,236,000 after buying an additional 29,141 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Northern Oil and Gas in the first quarter worth about $200,000. Cetera Advisor Networks LLC boosted its position in Northern Oil and Gas by 40.4% in the first quarter. Cetera Advisor Networks LLC now owns 17,783 shares of the company’s stock worth $501,000 after purchasing an additional 5,121 shares during the last quarter. Private Advisor Group LLC purchased a new position in Northern Oil and Gas in the first quarter worth about $207,000. Finally, Citigroup Inc. boosted its position in Northern Oil and Gas by 32.9% in the first quarter. Citigroup Inc. now owns 88,939 shares of the company’s stock worth $2,507,000 after purchasing an additional 22,033 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NOG. Jefferies Financial Group raised their target price on Northern Oil and Gas from $41.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, August 7th. Royal Bank of Canada raised their target price on Northern Oil and Gas from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Thursday, August 24th. Piper Sandler downgraded Northern Oil and Gas from an “overweight” rating to a “neutral” rating and set a $46.00 price objective on the stock. in a research note on Monday, August 14th. TheStreet raised Northern Oil and Gas from a “c+” rating to a “b-” rating in a research note on Friday, June 30th. Finally, Truist Financial raised their price objective on Northern Oil and Gas from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, August 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $49.22.

Northern Oil and Gas Price Performance

NOG traded down $0.44 on Tuesday, hitting $40.05. 235,276 shares of the company’s stock traded hands, compared to its average volume of 1,559,525. The company’s 50 day simple moving average is $39.95 and its 200-day simple moving average is $34.70. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 2.84 and a beta of 1.98. Northern Oil and Gas, Inc. has a one year low of $24.21 and a one year high of $43.64. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 1.18.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Thursday, August 3rd. The company reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.14. Northern Oil and Gas had a return on equity of 57.03% and a net margin of 55.68%. The business had revenue of $476.60 million for the quarter, compared to the consensus estimate of $414.01 million. During the same quarter in the previous year, the company posted $1.72 EPS. The company’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts anticipate that Northern Oil and Gas, Inc. will post 7.29 EPS for the current year.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Thursday, September 28th will be paid a $0.38 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Wednesday, September 27th. This represents a $1.52 dividend on an annualized basis and a yield of 3.80%. Northern Oil and Gas’s payout ratio is presently 10.38%.

Insiders Place Their Bets

In other Northern Oil and Gas news, Director Bahram Akradi sold 110,291 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $41.93, for a total value of $4,624,501.63. Following the sale, the director now owns 1,600,000 shares of the company’s stock, valued at approximately $67,088,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Erik J. Romslo sold 7,500 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $40.73, for a total value of $305,475.00. Following the completion of the transaction, the insider now owns 80,036 shares in the company, valued at approximately $3,259,866.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bahram Akradi sold 110,291 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $41.93, for a total value of $4,624,501.63. Following the completion of the transaction, the director now owns 1,600,000 shares of the company’s stock, valued at approximately $67,088,000. The disclosure for this sale can be found here. Insiders have sold a total of 150,291 shares of company stock valued at $6,212,167 in the last quarter. 3.60% of the stock is currently owned by insiders.

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.