Stock Repurchase Plan Announced by Northern Oil and Gas (NYSE:NOG) Board

Northern Oil and Gas (NYSE:NOG) announced that its board has approved a stock buyback plan on Tuesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 3.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have commented on NOG shares. Capital One Financial lowered shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. Truist Financial increased their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Morgan Stanley set a $43.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, January 22nd. 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 report on Tuesday, February 25th. Finally, Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a report on Monday, December 16th. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.89.

Northern Oil and Gas Stock Performance

NOG opened at $27.98 on Wednesday. Northern Oil and Gas has a 52-week low of $26.59 and a 52-week high of $44.31. The firm’s 50-day moving average price is $35.77 and its 200-day moving average price is $37.54. 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 company has a market cap of $2.77 billion, a P/E ratio of 5.44 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 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 business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. As a group, equities analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Friday, March 28th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 6.43%. 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 is 35.02%.

Insider Buying and Selling

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

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.