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

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price rose 4.9% during mid-day trading on Monday following insider buying activity. The stock traded as high as $28.63 and last traded at $28.84. Approximately 562,582 shares were traded 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 the company’s stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average price 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 in the company, valued at $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average cost of $28.03 per share, for a total transaction of $1,121,200.00. Following the transaction, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. This represents a 2.47 % increase in their position. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

NOG has been the topic of several recent research reports. Mizuho cut 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 research report on Monday, December 16th. Piper Sandler dropped their target price on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Capital One Financial cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Morgan Stanley set a $43.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. Finally, 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. One equities research 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, Northern Oil and Gas currently has an average rating of “Hold” and a consensus target price of $46.89.

Northern Oil and Gas Stock Performance

The company’s 50 day moving average price is $35.95 and its 200-day moving average price is $37.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market cap of $2.76 billion, a PE ratio of 5.43 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly 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 company had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. Equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.18 earnings per share 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 dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 6.45%. 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 presently 35.02%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC grew its stake in Northern Oil and Gas by 23.3% in the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after buying an additional 259 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Northern Oil and Gas by 9.1% in the 4th quarter. First Horizon Advisors Inc. now owns 3,473 shares of the company’s stock valued at $129,000 after buying an additional 289 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in Northern Oil and Gas by 2.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 13,112 shares of the company’s stock valued at $487,000 after buying an additional 298 shares in the last quarter. Summit Investment Advisors Inc. grew its stake in Northern Oil and Gas by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,378 shares of the company’s stock valued at $386,000 after buying an additional 329 shares in the last quarter. Finally, Legato Capital Management LLC grew its stake in Northern Oil and Gas by 5.8% in the 4th quarter. Legato Capital Management LLC now owns 6,383 shares of the company’s stock valued at $237,000 after buying an additional 349 shares in the last quarter. 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.