Northern Oil and Gas (NYSE:NOG) Stock Price Up 4.3% - Here's What Happened

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) shares shot up 4.3% during trading on Wednesday . The stock traded as high as $23.50 and last traded at $23.40. 117,835 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,803,168 shares. The stock had previously closed at $22.43.

Analyst Ratings Changes

Several analysts have issued reports on NOG shares. Truist Financial lifted their price target 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. Citigroup decreased 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 note on Tuesday, February 25th. Capital One Financial lowered shares of Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research note on Friday, February 21st. Morgan Stanley decreased their price objective on Northern Oil and Gas from $43.00 to $38.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Finally, Bank of America decreased 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 note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Northern Oil and Gas has a consensus rating of "Hold" and an average price target of $44.78.

Northern Oil and Gas Stock Performance

The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 4.72 and a beta of 1.49. 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 stock has a 50 day moving average of $28.78 and a 200 day moving average of $35.47.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.16). The firm had revenue of $545.47 million for the quarter, compared to the consensus estimate 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, analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 EPS 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 paid a $0.45 dividend. This is an increase from Northern Oil and Gas's previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 7.42%. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas's dividend payout ratio (DPR) is presently 35.02%.

Northern Oil and Gas declared that its Board of Directors has approved a stock buyback plan on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes 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 board of directors believes its shares are undervalued.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi bought 40,000 shares of Northern Oil and Gas stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the acquisition, the director now directly owns 1,662,016 shares of the company's stock, valued at $46,586,308.48. The trade was a 2.47 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Nicholas L. O'grady purchased 1,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $27.48 per share, with a total value of $27,480.00. Following the purchase, the chief executive officer now directly owns 226,189 shares of the company's stock, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its position in shares of Northern Oil and Gas by 297.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company's stock worth $77,000 after purchasing an additional 1,570 shares during the period. Principal Financial Group Inc. boosted its position in Northern Oil and Gas by 2.5% during the fourth quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock valued at $17,904,000 after acquiring an additional 11,690 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Northern Oil and Gas by 36.1% in the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company's stock worth $2,877,000 after acquiring an additional 20,550 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Northern Oil and Gas in the 4th quarter valued at about $909,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Northern Oil and Gas by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company's stock worth $39,349,000 after purchasing an additional 73,256 shares during the period. 98.80% of the stock is currently owned by institutional investors.

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.