Odyssean LLC Acquires Shares of 46,719 Northern Oil and Gas, Inc. $NOG

Odyssean LLC acquired a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 46,719 shares of the company’s stock, valued at approximately $848,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. bought a new position in shares of Northern Oil and Gas during the 2nd quarter worth approximately $29,000. Allworth Financial LP bought a new stake in Northern Oil and Gas in the 2nd quarter valued at $31,000. Ascentis Independent Advisors bought a new stake in Northern Oil and Gas in the 1st quarter valued at $33,000. Jones Financial Companies Lllp lifted its holdings in Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in Northern Oil and Gas by 572.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after purchasing an additional 1,432 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $26.01 on Thursday. The stock has a 50 day simple moving average of $21.31 and a 200 day simple moving average of $24.19. The stock has a market cap of $2.77 billion, a P/E ratio of -5.02 and a beta of 0.70. Northern Oil and Gas, Inc. has a 1-year low of $17.18 and a 1-year high of $31.17. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.37.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.37 earnings per share. Research analysts anticipate that Northern Oil and Gas, Inc. will post 3.79 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas’s payout ratio is presently -34.75%.

Wall Street Analysts Forecast Growth

Several research firms have commented on NOG. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a report on Monday, June 29th. Citigroup cut their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Raymond James Financial reaffirmed an “outperform” rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target on the stock. in a research note on Wednesday, May 20th. Finally, Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Hold” and a consensus price target of $30.62.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi purchased 25,760 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the purchase, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.