Northern Oil and Gas (NYSE:NOG) Shares Up 4.9% Following Insider Buying Activity

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) shot up 4.9% during trading on Monday after an insider bought additional shares in the company. The company traded as high as $28.63 and last traded at $28.84. 562,582 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,648,112 shares. The stock had previously closed at $27.49.

Specifically, CEO Nicholas L. O'grady acquired 1,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased 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 of the company's stock, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Bahram Akradi acquired 40,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the completion of the acquisition, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This represents a 2.47 % increase in their position. The disclosure for this purchase can be found here.

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Analyst Ratings Changes

A number of brokerages have commented on NOG. Truist Financial boosted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Royal Bank of Canada reduced their target price on Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Thursday, February 13th. Mizuho lowered Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 target price for the company. in a report on Monday, December 16th. Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a report on Friday, February 21st. Finally, Morgan Stanley set a $43.00 target price on Northern Oil and Gas in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $46.89.

Northern Oil and Gas Trading Up 3.8 %

The stock has a market cap of $2.91 billion, a PE ratio of 5.72 and a beta of 1.84. The firm has a 50-day simple moving average of $35.23 and a 200-day simple moving average of $37.34. 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 (NYSE:NOG - Get Free Report) last posted 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). The company had revenue of $545.47 million for the quarter, compared to analysts' expectations of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. Equities analysts forecast that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The company 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 $0.45 dividend. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 6.12%. This is a boost from Northern Oil and Gas's previous quarterly dividend of $0.42. Northern Oil and Gas's dividend payout ratio is presently 35.02%.

Northern Oil and Gas declared that its board has authorized a stock repurchase program on Tuesday, March 11th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Icon Wealth Advisors LLC bought a new position in shares of Northern Oil and Gas in the third quarter worth $828,000. Smartleaf Asset Management LLC increased its holdings in shares of Northern Oil and Gas by 297.3% in the fourth 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. increased its holdings in shares of Northern Oil and Gas by 2.5% in the fourth quarter. Principal Financial Group Inc. now owns 481,797 shares of the company's stock worth $17,904,000 after purchasing an additional 11,690 shares during the period. State of Alaska Department of Revenue increased its holdings in shares of Northern Oil and Gas by 36.1% in the fourth quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company's stock worth $2,877,000 after purchasing an additional 20,550 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in shares of Northern Oil and Gas in the fourth quarter worth $909,000. Institutional investors own 98.80% of the company's stock.

Northern Oil and Gas Company Profile

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.