Northern Oil and Gas (NYSE:NOG) Stock Price Up 4.9% on Insider Buying Activity

Northern Oil and Gas, Inc. (NYSE:NOG) was up 4.9% during trading on Monday following insider buying activity. The company traded as high as $28.63 and last traded at $28.84. Approximately 562,582 shares changed hands during trading, a decline of 66% from the average daily volume of 1,648,112 shares. The stock had previously closed at $27.49.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on NOG shares. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a report on Monday, December 16th. Royal Bank of Canada dropped their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. Finally, Piper Sandler decreased their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus target price of $46.89.

Northern Oil and Gas Stock Performance

The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. The company has a market cap of $2.85 billion, a PE ratio of 5.63 and a beta of 1.84. The firm’s fifty day moving average is $36.12 and its 200 day moving average is $37.69.

Northern Oil and Gas (NYSE:NOG) last released its quarterly 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 company had revenue of $545.47 million for the quarter, compared to analyst estimates 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, research analysts predict that Northern Oil and Gas, Inc. will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.25%. The ex-dividend date is Friday, March 28th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is 35.02%.

Institutional Trading of Northern Oil and Gas

Large investors have recently made changes to their positions in the company. Icon Wealth Advisors LLC purchased a new position in Northern Oil and Gas in the 3rd quarter valued at $828,000. Principal Financial Group Inc. lifted its stake 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 buying an additional 11,690 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Northern Oil and Gas by 36.1% during the fourth 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 during the last quarter. James Investment Research Inc. purchased a new stake in Northern Oil and Gas during the 4th quarter valued at about $393,000. Finally, Heritage Family Offices LLP acquired a new stake in Northern Oil and Gas in the 4th quarter valued at about $244,000. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.