Allspring Global Investments Holdings LLC Decreases Stock Position in Northern Oil and Gas, Inc. $NOG

Allspring Global Investments Holdings LLC trimmed its stake in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 64.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 467,493 shares of the company’s stock after selling 830,404 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Northern Oil and Gas were worth $12,903,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in NOG. Quadrant Capital Group LLC raised its position in shares of Northern Oil and Gas by 14.9% during the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after acquiring an additional 400 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Northern Oil and Gas by 18.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company’s stock worth $69,000 after purchasing an additional 507 shares during the period. Virtus Investment Advisers LLC grew its holdings in shares of Northern Oil and Gas by 8.4% during the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock worth $159,000 after buying an additional 572 shares during the last quarter. Isthmus Partners LLC grew its stake in shares of Northern Oil and Gas by 0.8% in the 1st quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock valued at $2,407,000 after purchasing an additional 619 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Northern Oil and Gas by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company’s stock valued at $1,963,000 after buying an additional 633 shares during the period. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction dated Monday, June 22nd. The stock was bought 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 directly 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.80% of the stock is owned by corporate insiders.

Northern Oil and Gas Trading Up 3.3%

NOG opened at $21.91 on Wednesday. The firm’s 50 day moving average is $20.80 and its 200-day moving average is $24.14. Northern Oil and Gas, Inc. has a 52-week low of $17.18 and a 52-week high of $31.17. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.43. The firm has a market capitalization of $2.38 billion, a P/E ratio of -3.44 and a beta of 0.69.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 earnings per share. Analysts expect that Northern Oil and Gas, Inc. will post 3.48 EPS for the current fiscal year.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 8.2%. The ex-dividend date of this dividend is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio is presently -28.26%.

Wall Street Analyst Weigh In

NOG has been the topic of a number of recent analyst reports. Mizuho lowered their price target on shares of Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 14th. Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Monday, June 29th. Johnson Rice downgraded shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th. Citigroup reduced their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Weiss Ratings lowered shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.62.

Northern Oil and Gas Company 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.