Insider Buying: Northern Oil and Gas (NYSE:NOG) Director Acquires $499,744.00 in Stock

Northern Oil and Gas, Inc. (NYSE:NOG) Director Bahram Akradi purchased 25,760 shares of the stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the transaction, the director owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Northern Oil and Gas Trading Down 0.7%

Shares of NOG stock traded down $0.13 on Wednesday, hitting $19.29. The stock had a trading volume of 2,010,405 shares, compared to its average volume of 2,587,875. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $2.10 billion, a P/E ratio of -3.02 and a beta of 0.68. Northern Oil and Gas, Inc. has a 1 year low of $18.63 and a 1 year high of $31.28. The company’s 50 day moving average price is $23.39 and its 200-day moving average price is $24.61.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm had revenue of $5.03 million for the quarter, compared to analyst estimates of $511.38 million. During the same quarter in the prior year, the company earned $1.33 EPS. Northern Oil and Gas’s revenue was down 6.2% on a year-over-year basis. Analysts anticipate that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current year.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Monday, June 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 9.3%. The ex-dividend date of this dividend is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio is currently -28.26%.

Analysts Set New Price Targets

Several research analysts have recently commented on NOG shares. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a research note on Wednesday, May 20th. Wall Street Zen upgraded shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Citigroup decreased their price target on shares of Northern Oil and Gas from $39.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Royal Bank Of Canada boosted their price target on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Finally, Piper Sandler upped their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Thursday, March 12th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Northern Oil and Gas presently has an average rating of “Hold” and an average price target of $32.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOG. Ascentis Independent Advisors acquired a new stake in shares of Northern Oil and Gas in the 1st quarter valued at about $33,000. Jones Financial Companies Lllp lifted its stake in Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after buying an additional 713 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after acquiring an additional 1,432 shares during the period. Plato Investment Management Ltd purchased a new position in shares of Northern Oil and Gas during the fourth quarter worth approximately $43,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Northern Oil and Gas by 429.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after acquiring an additional 1,228 shares during the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.