Northern Oil and Gas, Inc. (NYSE:NOG) Short Interest Update

Northern Oil and Gas, Inc. (NYSE:NOG) was the recipient of a large increase in short interest during the month of 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. Currently, 20.8% of the shares of the stock are sold short. Based on an average trading volume of 1,680,000 shares, the short-interest ratio is currently 11.9 days.

Northern Oil and Gas Trading Up 3.5 %

Shares of Northern Oil and Gas stock traded up $1.04 during trading hours on Wednesday, hitting $30.91. The company’s stock had a trading volume of 811,551 shares, compared to its average volume of 1,422,090. The business has a fifty day moving average of $32.79 and a 200 day moving average of $36.79. The company has a quick ratio of 1.23, a current ratio of 0.92 and a debt-to-equity ratio of 1.02. Northern Oil and Gas has a 1-year low of $26.60 and a 1-year high of $44.31. The company has a market capitalization of $3.06 billion, a PE ratio of 6.01 and a beta of 1.84.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 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 company had revenue of $545.47 million for the quarter, compared to analyst estimates of $552.34 million. As a group, equities analysts forecast that Northern Oil and Gas will post 5.18 EPS for the current year.

Northern Oil and Gas announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, March 11th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to purchase up to 3.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Friday, March 28th will be paid a dividend of $0.45 per share. The ex-dividend date is Friday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.82%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 35.02%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. Royal Bank of Canada cut their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Capital One Financial downgraded Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a research report on Friday, February 21st. 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 research report on Tuesday, February 25th. Finally, Morgan Stanley lowered their price target on Northern Oil and Gas from $43.00 to $38.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $45.44.

Insider Activity at Northern Oil and Gas

In related news, Director Bahram Akradi bought 40,000 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares in the company, valued at $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $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 corporate insiders.

Institutional Inflows and Outflows

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

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.