Northern Oil and Gas, Inc. (NYSE:NOG) Director Bahram Akradi Acquires 40,000 Shares

Northern Oil and Gas, Inc. (NYSE:NOG) Director Bahram Akradi purchased 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $28.03 per share, for a total transaction of $1,121,200.00. Following the completion of the purchase, the director now owns 1,662,016 shares of the company’s stock, valued at approximately $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Northern Oil and Gas Price Performance

Shares of NYSE NOG traded down $0.82 on Tuesday, hitting $27.60. The company’s stock had a trading volume of 3,186,082 shares, compared to its average volume of 1,577,470. The stock has a 50 day moving average of $36.82 and a 200-day moving average of $38.00. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 5.37 and a beta of 1.81. Northern Oil and Gas, Inc. has a 12-month low of $26.82 and a 12-month high of $44.31. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.92 and a quick ratio of 1.23.

Northern Oil and Gas (NYSE:NOG) last posted 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 analysts’ expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. As a group, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current year.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.52%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 35.02%.

Analyst Ratings Changes

NOG has been the topic of several research analyst reports. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a report on Monday, December 16th. Piper Sandler lowered their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Citigroup reduced 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 research report on Tuesday, February 25th. Finally, Truist Financial boosted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $46.89.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Northern Oil and Gas during the 4th quarter worth about $21,691,000. Channing Capital Management LLC boosted its position in Northern Oil and Gas by 26.8% during the fourth quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock worth $65,648,000 after acquiring an additional 373,917 shares during the last quarter. Bridgewater Associates LP boosted its position in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after acquiring an additional 294,223 shares during the last quarter. American Century Companies Inc. raised its holdings in Northern Oil and Gas by 3.9% in the 4th quarter. American Century Companies Inc. now owns 6,537,596 shares of the company’s stock valued at $242,937,000 after acquiring an additional 243,531 shares during the last quarter. Finally, Natixis acquired a new position in Northern Oil and Gas in the 4th quarter valued at $7,503,000. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.