Corebridge Financial Inc. Has $1.96 Million Stock Holdings in Northern Oil and Gas, Inc. (NYSE:NOG)

Corebridge Financial Inc. lowered its stake in Northern Oil and Gas, Inc. (NYSE:NOG) by 7.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,821 shares of the company’s stock after selling 4,138 shares during the period. Corebridge Financial Inc.’s holdings in Northern Oil and Gas were worth $1,963,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NOG. Raymond James Financial Inc. acquired a new stake in shares of Northern Oil and Gas during the 4th quarter valued at $21,691,000. Channing Capital Management LLC raised its position in Northern Oil and Gas by 26.8% in the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after purchasing an additional 373,917 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Northern Oil and Gas by 3.9% during the fourth quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after purchasing an additional 243,531 shares in the last quarter. Ninepoint Partners LP acquired a new stake in shares of Northern Oil and Gas during the fourth quarter valued at about $7,432,000. Finally, Vanguard Group Inc. grew its holdings in shares of Northern Oil and Gas by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 11,273,298 shares of the company’s stock worth $418,916,000 after purchasing an additional 166,501 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bahram Akradi acquired 40,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were acquired at an average price 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 of the company’s stock, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The disclosure for this purchase can be found here. 2.80% of the stock is currently owned by corporate insiders.

Northern Oil and Gas Price Performance

Shares of NOG opened at $29.82 on Wednesday. The firm has a market cap of $2.96 billion, a PE ratio of 5.80 and a beta of 1.84. Northern Oil and Gas, Inc. has a 52-week low of $26.60 and a 52-week high of $44.31. The business’s 50 day moving average price is $32.79 and its two-hundred day moving average price is $36.79. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92.

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). The company had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, equities analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a $0.45 dividend. The ex-dividend date is Friday, March 28th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 6.04%. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 35.02%.

Analyst Ratings Changes

Several equities research analysts recently commented on NOG shares. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Royal Bank of Canada cut their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Bank of America decreased their price target on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Morgan Stanley cut their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $45.44.

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.