Northern Oil and Gas (NYSE:NOG) Shares Gap Up Following Better-Than-Expected Earnings

Northern Oil and Gas, Inc. (NYSE:NOG)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $24.76, but opened at $26.08. Northern Oil and Gas shares last traded at $23.86, with a volume of 422,940 shares traded.

The company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.12 by $0.21. Northern Oil and Gas had a return on equity of 24.41% and a net margin of 23.38%. The business had revenue of $602.10 million for the quarter, compared to analyst estimates of $568.87 million. During the same quarter in the previous year, the firm earned $1.28 EPS. Northern Oil and Gas’s quarterly revenue was up 51.9% on a year-over-year basis.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Capital One Financial downgraded shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating in a report on Friday, February 21st. Truist Financial boosted their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Morgan Stanley dropped 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. Piper Sandler reduced their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 29th. Finally, Citigroup lowered their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Hold” and an average target price of $43.50.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady bought 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was purchased at an average price of $27.48 per share, with a total value of $27,480.00. Following the acquisition, the chief executive officer now owns 226,189 shares of the company’s stock, valued at approximately $6,215,673.72. The trade was a 0.44 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bahram Akradi purchased 40,000 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, for a total transaction 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 trade represents a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in Northern Oil and Gas by 155.5% during the 1st quarter. Nisa Investment Advisors LLC now owns 16,496 shares of the company’s stock worth $506,000 after acquiring an additional 10,039 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Northern Oil and Gas by 0.4% during the first quarter. Envestnet Asset Management Inc. now owns 396,980 shares of the company’s stock worth $12,001,000 after purchasing an additional 1,396 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Northern Oil and Gas in the 1st quarter valued at $239,000. Principal Financial Group Inc. increased its position in shares of Northern Oil and Gas by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 494,508 shares of the company’s stock valued at $14,949,000 after buying an additional 12,711 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in Northern Oil and Gas during the 1st quarter worth $419,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas Trading Down 2.1 %

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 stock has a market capitalization of $2.40 billion, a P/E ratio of 4.72 and a beta of 1.49. The company has a fifty day simple moving average of $27.04 and a two-hundred day simple moving average of $34.65.

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.