Sit Investment Associates Inc. Sells 13,550 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Sit Investment Associates Inc. trimmed its position in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 7.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,100 shares of the company’s stock after selling 13,550 shares during the period. Sit Investment Associates Inc.’s holdings in Northern Oil and Gas were worth $6,358,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of NOG. Raymond James Financial Inc. purchased a new position in Northern Oil and Gas in the 4th quarter worth approximately $21,691,000. Channing Capital Management LLC boosted its position in shares of Northern Oil and Gas by 26.8% during the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after acquiring an additional 373,917 shares during the last quarter. American Century Companies Inc. grew its stake in 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 acquiring an additional 243,531 shares in the last quarter. Ninepoint Partners LP bought a new stake in Northern Oil and Gas in the 4th quarter valued at $7,432,000. Finally, Vanguard Group Inc. lifted its stake in Northern Oil and Gas by 1.5% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Trading Down 10.1 %

Shares of NOG opened at $23.35 on Friday. The company’s fifty day simple moving average is $32.05 and its 200-day simple moving average is $36.60. The company has a market cap of $2.31 billion, a P/E ratio of 4.54 and a beta of 1.49. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. Northern Oil and Gas, Inc. has a twelve month low of $22.50 and a twelve month high of $44.31.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm had revenue of $545.47 million during the quarter, compared to analysts’ expectations of $552.34 million. As a group, analysts expect that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 7.71%. The ex-dividend date of this dividend is Friday, March 28th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio is 35.02%.

Northern Oil and Gas declared that its board has approved a stock repurchase program on Tuesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on NOG shares. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. Piper Sandler reduced their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Bank of America decreased their price objective on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 1st. Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Finally, Morgan Stanley decreased their price target on shares of 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 analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $45.44.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now directly owns 96,223 shares in the company, valued at $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas L. O’grady bought 1,000 shares of Northern Oil and Gas stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the transaction, the chief executive officer now owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Company 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.