Louisiana State Employees Retirement System Invests $1.26 Million in Northern Oil and Gas, Inc. $NOG

Louisiana State Employees Retirement System acquired a new stake in Northern Oil and Gas, Inc. (NYSE:NOG) during the 1st quarter, Holdings Channel reports. The fund acquired 43,100 shares of the company’s stock, valued at approximately $1,260,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NOG. Jones Financial Companies Lllp raised its stake in 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 worth $33,000 after acquiring an additional 713 shares in the last quarter. Global Retirement Partners LLC boosted its stake 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 in the last quarter. Plato Investment Management Ltd bought a new stake in shares of Northern Oil and Gas during the 4th quarter valued at approximately $43,000. EverSource Wealth Advisors LLC grew its holdings in shares of Northern Oil and Gas by 429.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Northern Oil and Gas by 85.7% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after purchasing an additional 702 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on NOG shares. Piper Sandler increased their price objective on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Citigroup decreased their target price on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Weiss Ratings downgraded shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Raymond James Financial set a $30.00 price target on Northern Oil and Gas and gave the company an “outperform” rating in a research note on Monday, June 15th. Finally, Bank of America raised their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $31.88.

Insider Activity at Northern Oil and Gas

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

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock opened at $17.92 on Friday. The business has a 50 day moving average of $22.22 and a 200-day moving average of $24.29. The company has a market capitalization of $1.95 billion, a P/E ratio of -2.81 and a beta of 0.69. Northern Oil and Gas, Inc. has a 1 year low of $17.40 and a 1 year high of $31.28. 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 posted its 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. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business had revenue of $5.03 million for the quarter, compared to the consensus estimate of $511.38 million. During the same period last year, the company earned $1.33 EPS. The firm’s revenue was down 6.2% compared to the same quarter last year. On average, equities research analysts predict that Northern Oil and Gas, Inc. will post 3.33 earnings per share for the current year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 10.0%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas’s payout ratio is -28.26%.

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.