Citigroup Inc. Buys 220,458 Shares of Northern Oil and Gas, Inc. $NOG

Citigroup Inc. grew its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 51.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 646,894 shares of the company’s stock after buying an additional 220,458 shares during the period. Citigroup Inc.’s holdings in Northern Oil and Gas were worth $16,043,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. DLD Asset Management LP raised its holdings in Northern Oil and Gas by 42.9% in the 2nd quarter. DLD Asset Management LP now owns 25,000,000 shares of the company’s stock valued at $708,750,000 after acquiring an additional 7,500,000 shares in the last quarter. Tributary Capital Management LLC increased its position in shares of Northern Oil and Gas by 146.3% during the third quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock valued at $32,544,000 after purchasing an additional 779,492 shares during the period. Jennison Associates LLC raised its stake in shares of Northern Oil and Gas by 80.2% in the second quarter. Jennison Associates LLC now owns 924,629 shares of the company’s stock valued at $26,213,000 after purchasing an additional 411,457 shares in the last quarter. AQR Capital Management LLC lifted its position in Northern Oil and Gas by 568.7% in the second quarter. AQR Capital Management LLC now owns 272,719 shares of the company’s stock worth $7,732,000 after purchasing an additional 231,938 shares during the period. Finally, Kennedy Capital Management LLC boosted its stake in Northern Oil and Gas by 22.2% during the second quarter. Kennedy Capital Management LLC now owns 832,547 shares of the company’s stock worth $23,603,000 after buying an additional 151,361 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NOG shares. Royal Bank Of Canada dropped their price objective on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 20th. Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a research note on Thursday, January 22nd. Mizuho set a $29.00 price objective on Northern Oil and Gas in a report on Wednesday, January 21st. Finally, Morgan Stanley set a $24.00 target price on Northern Oil and Gas and gave the stock an “underweight” rating in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $29.29.

Northern Oil and Gas Stock Up 5.3%

Shares of NOG opened at $27.64 on Friday. The company has a market capitalization of $2.70 billion, a P/E ratio of 83.76 and a beta of 1.01. Northern Oil and Gas, Inc. has a one year low of $19.88 and a one year high of $32.62. The business’s 50 day simple moving average is $23.87 and its 200-day simple moving average is $23.71. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.10 and a quick ratio of 1.10.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.12. The firm had revenue of $610.18 million during the quarter, compared to the consensus estimate of $524.98 million. Northern Oil and Gas had a return on equity of 19.27% and a net margin of 1.57%.The business’s revenue for the quarter was up 18.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.11 EPS. As a group, sell-side analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, March 30th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, March 30th. This represents a $1.80 annualized dividend and a yield of 6.5%. Northern Oil and Gas’s dividend payout ratio is 545.45%.

About Northern Oil and Gas

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.