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

Northern Oil and Gas, Inc. (NYSE:NOG) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 20,050,000 shares, an increase of 21.1% from the February 28th total of 16,550,000 shares. Approximately 20.8% of the company’s shares are short sold. Based on an average daily volume of 1,680,000 shares, the short-interest ratio is currently 11.9 days.

Northern Oil and Gas Stock Up 2.8 %

Shares of NYSE NOG opened at $30.72 on Thursday. The stock has a fifty day moving average price of $32.61 and a 200 day moving average price of $36.75. The company has a current ratio of 0.92, a quick ratio of 1.23 and a debt-to-equity ratio of 1.02. Northern Oil and Gas has a 12-month low of $26.60 and a 12-month high of $44.31. The company has a market cap of $3.04 billion, a P/E ratio of 5.98 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last announced 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 company had revenue of $545.47 million for the quarter, compared to analysts’ expectations of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Research analysts anticipate that Northern Oil and Gas will post 5.18 EPS for the current fiscal year.

Northern Oil and Gas announced that its board has initiated a stock buyback program on Tuesday, March 11th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a $0.45 dividend. The ex-dividend date is Friday, March 28th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 5.86%. Northern Oil and Gas’s dividend payout ratio is 35.02%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NOG. Truist Financial increased their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. 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. Royal Bank of Canada lowered their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. Bank of America cut their target price on Northern Oil and Gas from $48.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a research 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 issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $45.44.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady acquired 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $27.48 per share, with a total value of $27,480.00. Following the completion of the transaction, the chief executive officer now directly owns 226,189 shares in the company, valued at approximately $6,215,673.72. This trade represents a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 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 value of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its position in shares of Northern Oil and Gas by 297.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,098 shares of the company’s stock worth $77,000 after buying an additional 1,570 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Northern Oil and Gas by 2.5% in the 4th quarter. Principal Financial Group Inc. now owns 481,797 shares of the company’s stock worth $17,904,000 after buying an additional 11,690 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Northern Oil and Gas by 36.1% in 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 buying an additional 20,550 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Northern Oil and Gas during the 4th quarter valued at about $909,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Northern Oil and Gas by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,058,899 shares of the company’s stock worth $39,349,000 after acquiring an additional 73,256 shares during the period. Institutional investors and hedge funds own 98.80% 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.