Short Interest in Northern Oil and Gas, Inc. (NYSE:NOG) Expands By 21.1%

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 20,050,000 shares, an increase of 21.1% from the February 28th total of 16,550,000 shares. Based on an average trading volume of 1,680,000 shares, the days-to-cover ratio is currently 11.9 days. Approximately 20.8% of the company's stock are sold short.

Wall Street Analyst Weigh In

A number of research firms have commented on NOG. Capital One Financial cut shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Citigroup cut their target price on Northern Oil and Gas from $55.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, February 25th. Royal Bank of Canada cut their price target on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a research note on Thursday, February 13th. Truist Financial boosted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, Bank of America reduced their price target on Northern Oil and Gas from $48.00 to $41.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $45.44.

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Insider Activity at Northern Oil and Gas

In related news, CEO Nicholas L. O'grady acquired 1,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $27.48 per share, with a total value of $27,480.00. Following the completion of the transaction, the chief executive officer now directly owns 226,189 shares of the company's stock, valued at $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Bahram Akradi acquired 40,000 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the transaction, the director now directly owns 1,662,016 shares of the company's stock, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its position in shares of Northern Oil and Gas by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 985,643 shares of the company's stock valued at $34,902,000 after purchasing an additional 103,314 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of Northern Oil and Gas by 37.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 9,256 shares of the company's stock worth $328,000 after acquiring an additional 2,541 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of Northern Oil and Gas by 50.0% during the 3rd quarter. Captrust Financial Advisors now owns 18,478 shares of the company's stock worth $654,000 after purchasing an additional 6,163 shares during the period. Holocene Advisors LP bought a new position in Northern Oil and Gas during the 3rd quarter valued at about $1,079,000. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Northern Oil and Gas by 1.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 306,490 shares of the company's stock worth $10,853,000 after purchasing an additional 3,900 shares during the period. Hedge funds and other institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Price Performance

NOG stock traded down $0.90 during trading on Monday, reaching $22.50. The company's stock had a trading volume of 3,914,857 shares, compared to its average volume of 1,755,225. Northern Oil and Gas has a 1 year low of $21.61 and a 1 year high of $44.31. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $2.23 billion, a P/E ratio of 4.38 and a beta of 1.49. The company's fifty day moving average is $32.05 and its 200-day moving average is $36.60.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.16). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. On average, research 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a yield of 8.00%. 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 35.02%.

Northern Oil and Gas declared that its Board of Directors has approved a share buyback plan on Tuesday, March 11th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 3.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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.