Northern Oil and Gas (NYSE:NOG) Board Authorizes Share Repurchase Program

Northern Oil and Gas (NYSE:NOG - Get Free Report) announced that its Board of Directors has initiated a stock buyback program on Tuesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have issued reports on NOG. Truist Financial lifted their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. Royal Bank of Canada dropped their target price on shares of Northern Oil and Gas from $45.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Thursday, February 13th. Piper Sandler reduced their target price on Northern Oil and Gas from $37.00 to $35.00 and set a "neutral" rating for the company in a report on Wednesday, January 29th. Finally, Capital One Financial lowered Northern Oil and Gas from an "overweight" rating to an "equal weight" rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $46.89.

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Northern Oil and Gas Stock Performance

NOG traded down $0.48 during trading hours on Thursday, hitting $28.33. The stock had a trading volume of 1,018,377 shares, compared to its average volume of 1,690,985. Northern Oil and Gas has a 1 year low of $26.59 and a 1 year high of $44.31. The company's fifty day simple moving average is $35.60 and its 200 day simple moving average is $37.48. The stock has a market cap of $2.81 billion, a PE ratio of 5.51 and a beta of 1.84. 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 for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million during 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 anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be issued a dividend of $0.45 per share. This is a boost from Northern Oil and Gas's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 6.35%. Northern Oil and Gas's payout ratio is presently 35.02%.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 836 shares of the business's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares of the company's stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas L. O'grady bought 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, for a total transaction of $27,480.00. Following the completion of the purchase, the chief executive officer now directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. This represents a 0.44 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.80% 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.