Short Interest in Northern Oil and Gas, Inc. (NYSE:NOG) Expands By 21.1%

Northern Oil and Gas, Inc. (NYSE:NOG) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 20,050,000 shares, a growth of 21.1% from the February 28th total of 16,550,000 shares. Currently, 20.8% of the shares of the company are sold short. Based on an average trading volume of 1,680,000 shares, the days-to-cover ratio is currently 11.9 days.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi acquired 40,000 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the transaction, the director now directly owns 1,662,016 shares in the company, valued at approximately $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Adam A. Dirlam sold 836 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the sale, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in Northern Oil and Gas in the 3rd quarter worth about $25,000. Headlands Technologies LLC acquired a new position in Northern Oil and Gas in the 4th quarter worth approximately $29,000. Blue Trust Inc. grew its position in Northern Oil and Gas by 177.2% during the 4th quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after purchasing an additional 801 shares in the last quarter. Avior Wealth Management LLC lifted its holdings in shares of Northern Oil and Gas by 23.3% in the fourth quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock valued at $51,000 after purchasing an additional 259 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Northern Oil and Gas during the fourth quarter valued at $66,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Price Performance

Shares of NOG stock traded up $1.04 during mid-day trading on Wednesday, hitting $30.91. 811,551 shares of the stock traded hands, compared to its average volume of 1,422,090. Northern Oil and Gas has a twelve month low of $26.60 and a twelve month high of $44.31. 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’s 50-day simple moving average is $32.79 and its 200-day simple moving average is $36.79. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 6.01 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last released its 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). Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The firm had revenue of $545.47 million for the quarter, compared to analyst estimates of $552.34 million. As a group, equities research analysts expect 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. Investors 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 is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a yield of 5.82%. Northern Oil and Gas’s dividend payout ratio is currently 35.02%.

Northern Oil and Gas declared that its Board of Directors has initiated a share buyback program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOG has been the topic of several recent research reports. Piper Sandler cut their price target on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a report on Wednesday, January 29th. Citigroup cut their target price on 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. 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 lifted their price objective 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. Finally, Morgan Stanley lowered their target price on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.44.

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.