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

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

Wall Street Analyst Weigh In

NOG has been the topic of several recent analyst reports. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Royal Bank of Canada reduced their target price on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 13th. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Monday, December 16th. Piper Sandler reduced their target price 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. Finally, Citigroup reduced their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. One investment 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. Based on data from MarketBeat, Northern Oil and Gas has an average rating of “Hold” and a consensus price target of $46.89.

Northern Oil and Gas Trading Up 0.3 %

NYSE:NOG traded up $0.09 during trading hours on Tuesday, hitting $27.98. 1,949,982 shares of the stock were exchanged, compared to its average volume of 1,702,760. The company’s 50 day moving average is $35.77 and its two-hundred day moving average is $37.54. Northern Oil and Gas has a twelve month low of $26.59 and a twelve month high of $44.31. 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 capitalization 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 earnings results on Wednesday, February 19th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.16). The business had revenue of $545.47 million for the quarter, compared to the consensus estimate of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. On average, sell-side analysts anticipate that Northern Oil and Gas will post 5.18 earnings per share for the current fiscal year.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be given a dividend of $0.45 per share. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, March 28th. This represents a $1.80 annualized dividend and a dividend yield of 6.43%. Northern Oil and Gas’s payout ratio is presently 35.02%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, Director Bahram Akradi bought 40,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was bought at an average price 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 of the company’s stock, valued at approximately $46,586,308.48. The trade was a 2.47 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.80% of the company’s stock.

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.