SummitTX Capital L.P. Reduces Stake in Northern Oil and Gas, Inc. $NOG

SummitTX Capital L.P. lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 24.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 82,397 shares of the company’s stock after selling 26,508 shares during the period. SummitTX Capital L.P. owned 0.08% of Northern Oil and Gas worth $2,408,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Deprince Race & Zollo Inc. acquired a new position in Northern Oil and Gas in the fourth quarter valued at approximately $25,492,000. First Trust Advisors LP raised its holdings in Northern Oil and Gas by 116.8% during the first quarter. First Trust Advisors LP now owns 1,167,971 shares of the company’s stock worth $34,140,000 after purchasing an additional 629,197 shares in the last quarter. Bridgeway Capital Management LLC acquired a new stake in Northern Oil and Gas during the third quarter worth approximately $11,295,000. Hsbc Holdings PLC purchased a new stake in shares of Northern Oil and Gas during the 1st quarter worth approximately $8,115,000. Finally, AQR Capital Management LLC lifted its position in shares of Northern Oil and Gas by 568.7% during the 2nd quarter. AQR Capital Management LLC now owns 272,719 shares of the company’s stock worth $7,732,000 after buying an additional 231,938 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

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 firm’s stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price 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. This represents a 1.53% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock opened at $19.88 on Wednesday. The firm’s fifty day simple moving average is $20.49 and its 200-day simple moving average is $24.14. Northern Oil and Gas, Inc. has a 12 month low of $17.18 and a 12 month high of $31.17. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -3.12 and a beta of 0.69. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The firm had revenue of $5.03 million during the quarter, compared to analysts’ expectations of $511.38 million. During the same quarter in the prior year, the business earned $1.33 EPS. Northern Oil and Gas’s quarterly revenue was down 6.2% compared to the same quarter last year. As a group, equities analysts forecast that Northern Oil and Gas, Inc. will post 3.5 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, July 31st. Stockholders of record on Monday, June 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 9.1%. The ex-dividend date of this dividend is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio is presently -28.26%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. 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. Mizuho decreased their price objective on shares of Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating for the company in a research note on Tuesday, July 14th. Weiss Ratings lowered Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada raised their price objective on Northern Oil and Gas from $30.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average 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.