What Makes Northern Oil and Gas (NOG) an Investment Bet?

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered a return of 11.02% net of fees (11.18% gross of fees), trailing the Russell 2000 Index’s 14.03% total return. Both security selection and allocation effects drove the underperformance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Small Cap Equity Strategy featured stocks such as Northern Oil and Gas, Inc. (NYSE:NOG) in the fourth quarter 2023 investor letter. Headquartered in Minnetonka, Minnesota, Northern Oil and Gas, Inc. (NYSE:NOG) is an independent energy company. On January 11, 2024, Northern Oil and Gas, Inc. (NYSE:NOG) stock closed at $35.63 per share. One-month return of Northern Oil and Gas, Inc. (NYSE:NOG) was -3.70%, and its shares gained 13.51% of their value over the last 52 weeks. Northern Oil and Gas, Inc. (NYSE:NOG) has a market capitalization of $3.581 billion.

Aristotle Small Cap Equity Strategy stated the following regarding Northern Oil and Gas, Inc. (NYSE:NOG) in its fourth quarter 2023 investor letter:

“Northern Oil and Gas, Inc. (NYSE:NOG), a leading non-operated working interest franchise in the premier shale basins across the United States, was added to the portfolio. Overall, we believe the company’s ability to opportunistically add high-quality acreage in multiple basins remains a key differentiator for the stock. Furthermore, we believe the company’s scale and proprietary database built from participation in over 9,800 wells provides management with intimate knowledge and the ability to make swift and informed capital allocation decisions.”

A drilling platform in the middle of open sea, extracting crude oil.

Northern Oil and Gas, Inc. (NYSE:NOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Northern Oil and Gas, Inc. (NYSE:NOG) at the end of third quarter which was 22 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.