Insider Buying: Northern Oil and Gas, Inc. (NYSE:NOG) CEO Acquires $27,480.00 in Stock

Northern Oil and Gas, Inc. (NYSE:NOG) CEO Nicholas L. O’grady acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $27.48 per share, with a total value of $27,480.00. Following the acquisition, the chief executive officer now directly owns 226,189 shares of the company’s stock, valued at $6,215,673.72. The trade was a 0.44 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Northern Oil and Gas Stock Up 2.9 %

NYSE:NOG opened at $28.77 on Thursday. Northern Oil and Gas, Inc. has a 1 year low of $26.59 and a 1 year high of $44.31. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 5.60 and a beta of 1.84. The stock has a 50-day moving average price of $35.60 and a two-hundred day moving average price of $37.48.

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 analyst estimates of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. As a group, equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The company also recently disclosed 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 is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 6.26%. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is currently 35.02%.

Northern Oil and Gas declared that its board has authorized a stock repurchase program on Tuesday, March 11th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to repurchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in shares of Northern Oil and Gas during the third quarter worth about $25,000. Headlands Technologies LLC acquired a new position in shares of Northern Oil and Gas during the fourth quarter worth about $29,000. Blue Trust Inc. boosted its position in shares of Northern Oil and Gas by 177.2% during the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after buying an additional 801 shares during the period. Avior Wealth Management LLC boosted its position in 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. Finally, SBI Securities Co. Ltd. acquired a new position in Northern Oil and Gas during the fourth quarter valued at approximately $66,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NOG has been the subject of a number of recent analyst reports. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Citigroup dropped their price objective on 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. Truist Financial upped their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Royal Bank of Canada dropped 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. Finally, Piper Sandler dropped their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.89.

About Northern Oil and Gas

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.