Voya Investment Management LLC, a leading global asset management firm, announced early this morning that it has elevated its position in Northern Oil and Gas Inc. by an astounding 0.6% during the fourth quarter of the previous fiscal year, according to a recent filing with the Securities and Exchange Commission (SEC). The company reportedly purchased an additional 4,861 shares of Northern Oil and Gas’ stock amidst an ongoing bullish sentiment surrounding the energy sector.
The move positions Voya Investment Management as one of the top players in Northern Oil and Gas ownership with their new holding consisting of 776,573 shares valued at approximately $23,934,000 as of its most recent SEC filing. Analysts expect that this recent disclosure will boost interest in Northern Oil and Gas (NYSE:NOG) even more as investors seek to capitalize on any market trends resulting from Voya’s successful investment strategy.
Northern Oil & Gas Inc is a crude oil and natural gas exploration company invested heavily in Bakken and Three Forks formation within the Williston Basin situated between North Dakota and Montana. It produces some promising results lately with investors scrambling to take advantage of high yield returns like they saw earlier this year. In May 2023, Northern reported $1.76 earnings per share for the first fiscal quarter beating analyst estimate by $0.22 which sent stock prices soaring.
Industry experts are predicting that with strong returns expected from the current projects currently underway along with those planned for next fiscal year; shareholders should expect great things from NOG moving forward. Given its commitment to achieving success through careful planning, experienced management team coupled with historic profitability growth rates- it’s tough to find any significant downside risk for potential investors looking to get involved in company’s future.
All eyes remain firmly fixed on Northern Oil & Gas as stakeholders await its next quarterly report release—equities research analysts predict that Northern Oil & Gas could potentially post an EPS figure of 8.24 for the current fiscal year. With the energy sector seeing unprecedented levels of growth in recent times and no sign of slowing down soon, it’s clear that the next few quarters of Northern Oil & Gas will be closely monitored by analysts, investors and industry stakeholders alike.
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Northern Oil and Gas Inc. Attracts Institutional Investors and Faces Ups and Downs in the Market
Northern Oil and Gas Inc., a crude oil, and natural gas exploration, development, acquisition, and production company has attracted the attention of numerous institutional investors and hedge funds. Just in the fourth quarter of last year, there were a significant number of players willing to buy shares in the company. Natixis bought $2.3 million worth of shares while State of Wyoming purchased shares worth around $82,000. Chartwell Investment Partners LLC increased its stake by 6%, standing at 55,081 shares valued at $1.7 million following an additional purchase of 3,126 shares in the last quarter.
Steward Partners Investment Advisory LLC also grew its holdings by 1.4% buying an extra 6,773 Northern Oil and Gas shares at a cost of $15.2 million. Finally, SIR Capital Management L.P surged ahead by upping their stake by 258.7%, with a sub-total share holding now worth $3 million after acquiring an additional 70,300 NOG shares during Q4 last year.
Institutional investors and hedge funds have been the most significant buyers of Northern Oil and Gas (NOG) stock since the company’s launch on March 20th,2007 in Minnetonka MN to focus on Bakken making acquisitions for exploration purpose in Montana and North Dakota.
On Tuesday June 20th NYSE:NOG opened trading at $33.30 after having experienced lows of $21.45 earlier this year [plus highs of $39.01 over the same period] for this energy player who today has achieved a market capitalization touching on $2.84 billion with a beta rating score standing at 1.97 against P/E ratio prospects for resurgent debt/equity ratios currently around nearly sixty-eight percent.
Northern Oil & Gas also recently announced it is due to pay out increasing quarterly dividends which will be paid on Monday, 31st July 2023 and investors will be issued a dividend of $0.37 per share. The current yield stands at an impressive 4.44%, providing potential dividend payments of up to $5.92m annually or approximately $1.48 per annum.
Economic analysts from Truist Financial were among those predicting bullish buying during Q1 last year when their price target for Northern Oil and Gas shares was raised by $15 per share from $44 per share to $59 per share in early April. Similarly Royal Bank of Canada reiterated their own far more modest “outperform” rating while offering shares in Northern Oil and Gas to valued partners with a recommendation that put a value target on the company’s stock by virtue of its strong leadership and USP against competitors at around $46 p/share, but Stockews.com issued a sell rating after noting recent falls in NOG’s commodity price spread affecting its financial health in the long term.
Currently, the consensus view is that Northern Oil and Gas Inc has earned a ‘ moderate buy’ label overall, derived from data analytics contained within Bloomberg reports which show an average price target hovering around $45.30 which seems competent given what we know so far about NOG’s performance since launch where institutional investment growth continues its steep upward trend as a solid asset play for hedge funds seeking exposure to northern American energy markets, underlining once again the potential profits embedded in investments across America’s vast commodified wildernesses where NOG operates today.