Bahram Akradi Acquires 40,000 Shares of Northern Oil and Gas, Inc. (NYSE:NOG) Stock

Northern Oil and Gas, Inc. (NYSE:NOG) Director Bahram Akradi purchased 40,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased 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 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 acquisition was disclosed in a filing with the SEC, which is available through this link.

Northern Oil and Gas Trading Down 0.1 %

Northern Oil and Gas stock opened at $27.60 on Thursday. The firm’s 50-day moving average is $36.48 and its 200-day moving average is $37.85. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. Northern Oil and Gas, Inc. has a 1 year low of $26.59 and a 1 year high of $44.31. The company has a market cap of $2.74 billion, a P/E ratio of 5.37 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. On average, equities analysts expect 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 announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 6.52%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. Northern Oil and Gas’s payout ratio is presently 35.02%.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 21st. Citigroup reduced their price objective on shares of Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Morgan Stanley set a $43.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 22nd. Finally, Royal Bank of Canada reduced their price objective 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 note on Thursday, February 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Hold” and a consensus price target of $46.89.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Icon Wealth Advisors LLC acquired a new position in Northern Oil and Gas during the 3rd quarter valued at about $828,000. Principal Financial Group Inc. boosted its stake in Northern Oil and Gas by 2.5% during the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock valued at $17,904,000 after purchasing an additional 11,690 shares during the period. State of Alaska Department of Revenue boosted its stake in Northern Oil and Gas by 36.1% during the 4th quarter. State of Alaska Department of Revenue now owns 77,439 shares of the company’s stock valued at $2,877,000 after purchasing an additional 20,550 shares during the period. James Investment Research Inc. acquired a new position in Northern Oil and Gas during the 4th quarter valued at about $393,000. Finally, Heritage Family Offices LLP acquired a new position in Northern Oil and Gas during the 4th quarter valued at about $244,000. 98.80% of the stock is owned by institutional investors and hedge funds.

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.