Alliancebernstein L.P. Has $130.07 Million Stock Position in Northern Oil and Gas, Inc. (NYSE:NOG)

Alliancebernstein L.P. cut its holdings in Northern Oil and Gas, Inc. (NYSE:NOG) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,500,253 shares of the company’s stock after selling 86,373 shares during the period. Alliancebernstein L.P. owned about 3.51% of Northern Oil and Gas worth $130,069,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company’s stock worth $34,902,000 after buying an additional 103,314 shares in the last quarter. Glenmede Trust Co. NA raised its holdings in Northern Oil and Gas by 37.8% during the third quarter. Glenmede Trust Co. NA now owns 9,256 shares of the company’s stock worth $328,000 after acquiring an additional 2,541 shares in the last quarter. Captrust Financial Advisors raised its holdings in Northern Oil and Gas by 50.0% during the third quarter. Captrust Financial Advisors now owns 18,478 shares of the company’s stock worth $654,000 after acquiring an additional 6,163 shares in the last quarter. Holocene Advisors LP acquired a new position in Northern Oil and Gas during the third quarter valued at approximately $1,079,000. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in Northern Oil and Gas by 1.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 306,490 shares of the company’s stock valued at $10,853,000 after purchasing an additional 3,900 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Trading Up 2.8 %

NOG opened at $30.72 on Thursday. The company has a market cap of $3.04 billion, a P/E ratio of 5.98 and a beta of 1.84. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The company’s 50 day moving average is $32.61 and its 200-day moving average is $36.75. Northern Oil and Gas, Inc. has a 1-year low of $26.60 and a 1-year high of $44.31.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results 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). The company had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Equities research analysts predict that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 5.86%. The ex-dividend date of this dividend is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

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

Analysts Set New Price Targets

Several research firms have recently commented on NOG. Piper Sandler cut their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Citigroup cut their price target on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Bank of America cut their target price on shares of Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Truist Financial boosted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.44.

Insiders Place Their Bets

In other news, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. This trade represents a 2.47 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas L. O’grady purchased 1,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were purchased at an average cost of $27.48 per share, for a total transaction of $27,480.00. Following the transaction, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. The trade was 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.