Lord Abbett & CO. LLC Sells 22,686 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Lord Abbett & CO. LLC decreased its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG) by 8.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,062 shares of the company’s stock after selling 22,686 shares during the period. Lord Abbett & CO. LLC owned 0.25% of Northern Oil and Gas worth $8,713,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Northern Oil and Gas by 1.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock valued at $849,000 after purchasing an additional 320 shares during the period. Easterly Investment Partners LLC raised its stake in Northern Oil and Gas by 0.8% during the 3rd quarter. Easterly Investment Partners LLC now owns 50,601 shares of the company’s stock worth $1,792,000 after buying an additional 380 shares during the period. Signaturefd LLC raised its stake in Northern Oil and Gas by 100.5% during the 3rd quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after buying an additional 427 shares during the period. CWM LLC boosted its holdings in Northern Oil and Gas by 24.8% in the third quarter. CWM LLC now owns 2,237 shares of the company’s stock worth $79,000 after acquiring an additional 444 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in shares of Northern Oil and Gas by 2.2% during the second quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after acquiring an additional 555 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Analyst Ratings Changes

NOG has been the topic of a number of recent research reports. Jefferies Financial Group started coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Royal Bank of Canada cut shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $43.00 to $45.00 in a report on Wednesday, November 20th. Truist Financial boosted their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday. Piper Sandler raised their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research report on Monday, November 18th. Finally, Morgan Stanley decreased their price objective on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and an average price target of $47.60.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $39.26 on Tuesday. Northern Oil and Gas, Inc. has a 52 week low of $31.13 and a 52 week high of $44.31. The company’s 50 day moving average price is $39.92 and its two-hundred day moving average price is $38.76. The stock has a market cap of $3.92 billion, a P/E ratio of 4.89 and a beta of 1.85. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period last year, the company posted $1.73 earnings per share. Northern Oil and Gas’s quarterly revenue was up 140.0% compared to the same quarter last year. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 5.4 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 20.17%.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. The trade was a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,508 shares of company stock worth $248,113. 2.80% of the stock is owned by company insiders.

Northern Oil and Gas 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.