Corebridge Financial Inc. Sells 4,138 Shares of Northern Oil and Gas, Inc. (NYSE:NOG)

Corebridge Financial Inc. trimmed its position in Northern Oil and Gas, Inc. (NYSE:NOG) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,821 shares of the company’s stock after selling 4,138 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Northern Oil and Gas worth $1,963,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new position in shares of Northern Oil and Gas during the 3rd quarter worth approximately $25,000. Blue Trust Inc. grew its holdings in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the last quarter. Avior Wealth Management LLC grew its stake in shares of Northern Oil and Gas by 23.3% during the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after purchasing an additional 259 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Northern Oil and Gas in the 4th quarter valued at $66,000. Finally, Quarry LP increased its position in Northern Oil and Gas by 74.4% in the third quarter. Quarry LP now owns 1,974 shares of the company’s stock worth $70,000 after purchasing an additional 842 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

Wall Street Analysts Forecast Growth

NOG has been the subject of a number of analyst reports. Citigroup lowered their target price on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Bank of America cut 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. Morgan Stanley reduced their target price on shares of Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Piper Sandler decreased their price target on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada decreased their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.44.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $29.82 on Wednesday. The stock has a market cap of $2.96 billion, a PE ratio of 5.80 and a beta of 1.84. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. Northern Oil and Gas, Inc. has a 52-week low of $26.60 and a 52-week high of $44.31. The firm has a 50-day moving average of $32.79 and a 200-day moving average of $36.79.

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 the consensus estimate of $1.27 by ($0.16). The firm had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, sell-side analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.04%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is presently 35.02%.

Northern Oil and Gas announced that its Board of Directors has authorized a stock repurchase program on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired 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 directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Adam A. Dirlam sold 836 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now directly owns 96,223 shares in the company, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. 2.80% of the stock is owned by company insiders.

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.