Insider Buying: Northern Oil and Gas (NYSE:NOG) Director Buys $499,744.00 in Stock

Northern Oil and Gas, Inc. (NYSE:NOG) Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Northern Oil and Gas Stock Down 2.9%

NOG stock opened at $19.17 on Friday. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The company’s 50 day simple moving average is $22.98 and its 200-day simple moving average is $24.50. Northern Oil and Gas, Inc. has a 12 month low of $18.63 and a 12 month high of $31.28. The firm has a market capitalization of $2.08 billion, a PE ratio of -3.01 and a beta of 0.68.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.The firm had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the firm posted $1.33 EPS. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. Equities analysts expect that Northern Oil and Gas, Inc. will post 3.42 earnings per share for the current fiscal year.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 9.4%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently -28.26%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday. Morgan Stanley reissued an “underweight” rating and issued a $29.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research report on Friday, May 22nd. Royal Bank Of Canada upped their price objective on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Weiss Ratings lowered shares of Northern Oil and Gas from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Finally, Piper Sandler raised their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.38.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Northern Oil and Gas by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 10,873,455 shares of the company’s stock valued at $233,453,000 after purchasing an additional 141,499 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Northern Oil and Gas by 5.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,941,662 shares of the company’s stock valued at $122,563,000 after purchasing an additional 235,869 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in shares of Northern Oil and Gas by 9.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,899,017 shares of the company’s stock valued at $47,096,000 after buying an additional 158,713 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Northern Oil and Gas by 7.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,450,294 shares of the company’s stock valued at $31,138,000 after buying an additional 105,876 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Northern Oil and Gas by 18.5% during the 1st quarter. Bank of America Corp DE now owns 1,245,639 shares of the company’s stock valued at $36,410,000 after buying an additional 194,861 shares during the period. 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 is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.