Fifth Third Bancorp Raises Stock Position in Northern Oil and Gas, Inc. $NOG

Fifth Third Bancorp raised its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 13,269.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,781 shares of the company’s stock after acquiring an additional 42,461 shares during the period. Fifth Third Bancorp’s holdings in Northern Oil and Gas were worth $1,250,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ascentis Independent Advisors acquired a new stake in Northern Oil and Gas in the first quarter worth about $33,000. Jones Financial Companies Lllp increased its holdings in shares of Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after acquiring an additional 713 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Northern Oil and Gas by 572.8% in 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. Plato Investment Management Ltd purchased a new position in shares of Northern Oil and Gas in the 4th quarter valued at approximately $43,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Northern Oil and Gas by 429.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

NYSE:NOG opened at $21.17 on Friday. Northern Oil and Gas, Inc. has a one year low of $17.18 and a one year high of $31.17. The stock has a market cap of $2.30 billion, a PE ratio of -3.32 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a 50 day moving average price of $20.68 and a 200 day moving average price of $24.13.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. The business had revenue of $5.03 million for the quarter, compared to analyst estimates of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The company’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.33 EPS. Equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be issued a $0.45 dividend. The ex-dividend date is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a yield of 8.5%. Northern Oil and Gas’s dividend payout ratio is currently -28.26%.

Wall Street Analyst Weigh In

Several research firms have recently commented on NOG. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Monday, June 29th. Royal Bank Of Canada upped their target price on Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Raymond James Financial restated an “outperform” rating and issued a $28.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Finally, Johnson Rice downgraded 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. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.62.

Insider Buying and Selling

In other Northern Oil and Gas news, Director Bahram Akradi purchased 25,760 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.80% of the company’s stock.

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.