Thu Sep 12 07:51:00 UTC 2024: ## Hedge Funds Show Interest in Northern Oil and Gas, Inc. (NOG)
**New York, NY** – Rhumbline Advisers, a prominent investment firm, increased its stake in Northern Oil and Gas, Inc. (NYSE: NOG) by 12% during the second quarter, according to its recent Form 13F filing with the SEC. The fund now owns 285,609 shares, worth $10,616,000.
Rhumbline isn’t the only hedge fund showing interest in NOG. Westfield Capital Management Co. LP, Vanguard Group Inc., UniSuper Management Pty Ltd, Motley Fool Asset Management LLC, and Silvercrest Asset Management Group LLC have also bought and sold shares of the company in recent quarters. These moves, combined with institutional ownership at 98.80%, suggest a strong market confidence in the company.
Analysts remain mostly bullish on NOG, with seven issuing buy ratings and one assigning a strong buy rating. Truist Financial even raised their price target to $55.00, while Bank of America upped their target to $49.00. However, Piper Sandler lowered its price target to $40.00 and StockNews.com downgraded the company to a “sell” rating. Overall, NOG enjoys a “Moderate Buy” rating and an average target price of $48.00.
Despite this positive sentiment, CEO Nicholas L. O’grady sold 3,750 shares on July 8th, followed by President Adam A. Dirlam selling 1,392 shares on July 1st. While these transactions might seem concerning, insiders still own 2.80% of the company’s stock.
Northern Oil and Gas continues to perform well financially, exceeding analyst expectations with $1.46 earnings per share in the second quarter. The company also announced a quarterly dividend increase to $0.42 per share, representing a 4.94% yield.
Northern Oil and Gas, an independent energy company, focuses on crude oil and natural gas production in the United States. The company has a strong presence in the Williston, Appalachian, and Permian basins.
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First Piper 