Northern Oil and Gas (NYSE:NOG) Declares Share Repurchase Program

Northern Oil and Gas (NYSE:NOG) declared that its board has authorized a stock buyback plan on Tuesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Northern Oil and Gas Trading Up 2.9 %

Shares of NOG stock opened at $28.77 on Thursday. The stock has a 50-day simple moving average of $35.60 and a 200 day simple moving average of $37.48. The stock has a market capitalization of $2.85 billion, a P/E ratio of 5.60 and a beta of 1.84. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas has a fifty-two week low of $26.59 and a fifty-two week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The company had revenue of $545.47 million during 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%. On average, sell-side analysts expect that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be issued 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 is Friday, March 28th. Northern Oil and Gas’s payout ratio is currently 35.02%.

Wall Street Analyst Weigh In

NOG has been the topic of several recent research reports. Royal Bank of Canada reduced their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Truist Financial raised their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a report on Monday, December 16th. Citigroup lowered their price target 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. Finally, Piper Sandler lowered 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 report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.89.

Insider Activity

In other news, CEO Nicholas L. O’grady acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $27.48 per share, with a total value of $27,480.00. Following the acquisition, the chief executive officer now owns 226,189 shares in the company, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

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.